IN 2024, Sarawak’s economic growth was supported by favourable external demand and robust domestic activities, says Deputy Premier Datuk Amar Douglas Uggah Embas.
Uggah, who is also the Finance and New Economy Second Minister said that the total trade increased by 2.8 per cent, with exports rising by 2.6 per cent and imports by 3.1 per cent.
“Liquefied Natural Gas (LNG) continued to be the primary driver of Sarawak’s export performance, with its total export value rising from RM54.8 billion in 2023 to RM56.4 billion in 2024, driven by higher export volumes.
“Simultaneously, the export value of crude palm oil (CPO) surged by 15.7 per cent, supported by favourable market conditions and stronger prices,” he said.
He said in his ministerial winding-up speech at the Sarawak Legislative Assembly (DUN) sitting here on Wednesday (May 28).
Meanwhile, he said that crude petroleum exports registered a decrease of 5.8 per cent, attributed to lower export volumes and declining oil prices.
“In 2024, the average price of Brent crude oil was USD80.52 per barrel, a decrease from USD82.49 per barrel in 2023, reflecting the overall trends in the oil market.
“Amid significant global uncertainties, these challenges might have repercussions on Sarawak’s external demand moving forward,” he said.
Uggah added that early indicators suggest a contraction in trade, with total trade for the first two months of 2025 experiencing an 11.4 per cent decrease.
“On the investment front, Sarawak secured RM7.6 billion worth of approved investments within the manufacturing sector, with a strong focus on high-value industries, including chemicals, electrical and electronics, and miscellaneous products,” he said.
