Malaysian Affiliates Abroad Turnover Achieves Whopping RM371.9 Billion
Malaysian affiliates abroad turnover reached RM371.9 billion in 2024, rising 8.3% from a year earlier as Malaysian-controlled companies expanded their business across regional and international markets, according to new data from the Department of Statistics Malaysia (DOSM).
The Outward Foreign Affiliates Statistics 2024 release provides a useful measure of how Malaysian firms are participating in cross-border business. It covers 2,413 Malaysian affiliates operating abroad, with services accounting for the largest share of turnover at RM252.1 billion.
Malaysian affiliates abroad turnover rises across regional markets
Indonesia was the largest single country market for Malaysian-controlled affiliates by turnover, contributing RM68.9 billion in 2024. Viet Nam followed with RM38.1 billion, while Singapore generated RM29.1 billion, DOSM said.
Those figures underline the commercial importance of Southeast Asia for Malaysian groups, particularly for companies whose overseas operations span finance, trade, transport, professional services, retail and other service activities. The dataset does not identify individual companies, but it shows the scale at which Malaysian corporate activity is being generated beyond the domestic economy.
Malaysian affiliates abroad turnover grew faster than the 5.6% increase recorded in the previous year. The 2024 expansion suggests that outward-facing Malaysian businesses continued to find demand and operating opportunities in neighbouring economies even as regional companies navigated different growth rates, currencies and investment conditions.
Services provide the biggest contribution
The services sector generated RM252.1 billion of overseas affiliate turnover, making it the largest contributor. Manufacturing and other sectors made up the balance, reflecting the broad mix of Malaysian businesses with operations outside the country.
Malaysian-controlled affiliates abroad employed 433,801 people in 2024. Their employee compensation rose 6.3% to RM27.1 billion, according to the release. Employment and wage data are important because turnover alone does not show the operating footprint that companies establish in their host markets.
For readers following regional investment patterns, S.E.A. Business Post’s coverage of Indonesia-Singapore energy investment offers another example of how Southeast Asian markets are becoming more connected through cross-border corporate activity.
What the figures mean for Malaysian business
The rise in Malaysian affiliates abroad turnover is not a direct measure of Malaysian exports, but it is a complementary indicator of business internationalisation. It captures revenue earned by overseas affiliates that are controlled by Malaysian entities, whether those sales are made locally in host markets or across borders.
That distinction matters for executives and policymakers. Export data tracks goods and services sent from Malaysia, while outward affiliate data shows where Malaysian companies have built a physical or corporate presence overseas. Together, the measures help illustrate how firms are building regional supply chains, customer networks and service platforms.
DOSM also reported that foreign-controlled affiliates operating inside Malaysia produced RM323.1 billion in value added in 2024, equal to 17.1% of the national economy. The separate Inward Foreign Affiliates Statistics 2024 release puts the outward results in context: Malaysia is both a base for multinational investment and a source of businesses expanding abroad.
Regional focus remains central
Indonesia, Viet Nam and Singapore accounted for substantial portions of reported overseas affiliate turnover, reinforcing ASEAN’s role as a core commercial arena for Malaysian firms. The mix also reflects the region’s different strengths: Indonesia offers scale, Viet Nam has become a fast-growing manufacturing and consumer market, and Singapore remains a major services and regional headquarters hub.
Future releases will show whether Malaysian affiliates abroad turnover can maintain its pace amid changing trade conditions and investment decisions. For now, the 2024 data points to a Malaysian corporate sector that is continuing to earn a meaningful share of its revenue outside its home market.
Sources: Department of Statistics Malaysia, Outward Foreign Affiliates Statistics 2024; Department of Statistics Malaysia, Inward Foreign Affiliates Statistics 2024.
