Malaysia Gold Import Data – HS Code 7108

Malaysia Gold Import Market Overview

Malaysia has a well-established gold jewelry manufacturing industry, home to more than 100 manufacturers and ranking fourth among ASEAN countries by output. The industry specializes in 916 gold (22-karat) jewelry, with additional design influences imported from Turkey, Italy, and China. Beyond jewelry, Malaysia has also seen rising demand for gold as an investment product, with local banks introducing new gold-related investment services over the past year.

Gold import value naturally tracks global gold prices closely, and those prices have been on a historic run. Gold hit an all-time high of $2,790 per ounce in October 2024, then climbed further to a fresh record of $3,005 per ounce in March 2025, before continuing to rise through the rest of the year. As a result, gold has gained more than 111% in value over the past five years — a remarkable run for what is typically a slower-moving asset class.

Malaysia Gold Import Value — 2021 to 2025 Trend

Malaysia's gold imports followed a clear V-shaped pattern. Value declined for three consecutive years through 2023, as global gold prices moved sideways and demand cooled. Then, starting in 2024, prices began climbing sharply toward record territory, and import value rebounded just as sharply — jumping 40.5% in 2024 alone, followed by further growth in 2025.

A New Twist: Malaysia's Fresh Import Duty on Gold

In a significant recent development, Malaysia introduced a new 10% import duty on gold bullion, applying to inbound shipments starting in early 2026. Industry sources report that this has already affected the flow of bullion into the country, with some shipments facing delays and others reportedly redirected to alternative destinations because the added cost made imports less commercially attractive.

Notably, market participants say local gold prices have not risen enough to fully offset the new charge, squeezing profitability for importers and dealers. Banks offering gold investment products have indicated that the added cost will ultimately be passed on to consumers. This move comes during a period of strong global interest in gold: alongside rising investor demand for bullion, a major logistics company recently opened a new bullion vault near Kuala Lumpur specifically to support expanding regional demand for gold storage services.

What's Driving Malaysia's Gold Import Trend

1. Record Global Gold Prices

Gold's remarkable price run — from an October 2024 high of $2,790/oz to a March 2025 record of $3,005/oz and beyond — is the single biggest driver of rising import value. Even without a proportional increase in physical volume, higher prices alone push import figures up substantially.

2. Safe-Haven Investment Demand

Ongoing global economic uncertainty and geopolitical tension have kept investors favoring gold as a safe-haven asset. Consequently, this has fueled strong bullion investment demand in Malaysia, reflected in new gold investment products launched by local banks over the past year.

3. Established Jewelry Manufacturing Base

With over 100 manufacturers producing 916 gold jewelry and Malaysia ranking fourth in ASEAN by output, the country maintains a steady baseline demand for imported gold as a manufacturing input, independent of investment-driven price swings.

What to Watch Going Forward

The new import duty introduces real uncertainty for Malaysia's gold trade going forward, however. For example, if importers continue redirecting shipments to lower-cost destinations, Malaysia's gold import volumes could soften even as global prices stay elevated. Furthermore, since jewelry manufacturers depend on a steady, cost-effective supply of raw gold, sustained higher import costs could pressure margins across the domestic jewelry industry. Given these crosscurrents, the next few reporting periods will be important for seeing how the market adjusts.

Frequently Asked Questions (FAQs)

Related Posts