Despite revised tariffs and the closure of the Strait of Hormuz, Malaysia's total trade climbed 27% to MYR2.514 trillion ($615.9bn) across the first eight months of 2026, according to a report by The Edge Malaysia. Miti (Ministry of Investment, Trade and Industry) said exports and imports both increased during the period.
The figures came in a written reply posted on the Parliament website. In it, the ministry set out how it plans to shield the country's exporters from shifting tariffs and international trade restrictions. It also described the shutdown of the Hormuz shipping route, which started in late February, as one of several disruptions to major global trade routes this year.
Chong Zhemin, the Pakatan Harapan lawmaker for Kampar, had asked the ministry what it was doing to help exporters cope. His question also covered efforts to diversify markets and to give targeted support to small and medium enterprises.
Miti said it was working with the Malaysia External Trade Development Corporation (Matrade) and other stakeholders to lift export performance and keep Malaysian goods competitive abroad.
The Export Coordination Committee plays a key role in that push. Headed by the Chief Secretary to the Government, the committee has given the green light in 2026 to 283 export promotion schemes that are run by ministries and agencies of the government. Its goal is to reach a national export figure of MYR2.09 trillion by 2030, in line with the National Trade Blueprint and the 13th Malaysia Plan.
Priority has been given to non-traditional markets with sizeable middle classes, located in Latin America, Africa, Central Asia and West Asia, where Matrade's regional offices will be expected to do more in market intelligence and business matching. From January to August, combined trade with these four regions rose 18.5% to MYR59.16bn. Namibia saw exports surge 430.6%, and shipments also increased to Brazil (27.5%), Tanzania (50.2%), Ethiopia (51.2%) and Angola (215.4%).
Under Malaysia Global Connect Go Export Cover, smaller exporters can receive a 30% incentive towards what they pay in takaful contributions. The scheme protects against political and commercial risks with cover of as much as MYR250,000.
The ministry also pointed to the Export Leap Scheme, which offers Islamic financing at a subsidised annual profit rate of 1% for terms of up to seven years.