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Malaysia – Important Facts

Malaysia is a federation of 13 states and three federal territories in Southeast Asia. It consists of two regions separated by the South China Sea and is bordered by Brunei, Indonesia, and Thailand. Malaysia has strategic location along Strait of Malacca and southern South China Sea. The government system is a constitutional monarchy; the chief of state is the king, and the head of government is the prime minister. Malaysia has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Malaysia is a member of the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), and the Trans-Pacific Partnership (TPP).

The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy’s dependence on exports. Nevertheless, exports – particularly of electronics, oil and gas, palm oil, and rubber – remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.

Malaysia experienced an economic boom and underwent rapid development during the late 20th century and has GDP per capita (nominal) of US$11,062.043 in 2014, and is considered a newly industrialised country. In 2009, the PPP GDP was US$383.6 billion, about half the 2014 amount, and the PPP per capita GDP was US$8,100, about one third the 2014 amount. In 2014, the Household Income Survey undertaken by the government indicated that there were 7 million households in Malaysia, with an average of 4.3 members in each household. The average household income of Malaysia increased by 18% to RM5,900 a month, compared to RM5,000 in 2012.

Important Details

  • Country ISO3 : MYS
  • Country Code : 458
  • Income Group : Upper Middle Income
  • Lending Category : IBRD
  • Region : East Asia and Pacific
  • Currency Unit: Ringgit
  • WTO Member : Yes
  • Trade organisations : APEC, ASEAN, IOR-ARC, WTO
  • world rank : 29
  • Regional Ranking : 8th in the Asia–Pacific Region