February 24, 2024

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Malaysia’s trade soars 31.4 pct to RM256.9 billion in September 2022

trade

KUALA LUMPUR, Oct 19 — Malaysia’s trade continued its upward trajectory in September 2022, rising by 31.4 per cent to RM256.91 billion compared to the same month last year – the 20th consecutive month of double-digit growth, said the Ministry of International Trade and Industry (MITI).

It said exports increased by 30.1 per cent to RM144.31 billion, marking the 14th successive month of double-digit growth, while imports expanded by 33.0 per cent to RM112.60 billion.

“Malaysia’s trade surplus achieved a new record high, expanding by 20.9 per cent to RM31.71 billion,” it said in a statement today.

The total trade value was the highest monthly value for the month of September.

MITI said export growth was contributed mainly by robust external demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG), crude petroleum, optical and scientific equipment as well as machinery, equipment and parts. 

Exports of E&E products, optical and scientific equipment as well as LNG registered the highest monthly value so far.

Exports to major trading partners, notably ASEAN, the United States (US), the European Union and Japan recorded double-digit growth. Exports to Japan registered the highest monthly value ever.

On a month-on-month (m-o-m) basis, exports and trade surplus rose by 2.2 per cent and 86.1 per cent, respectively, while trade and imports contracted by 3.2 per cent and 9.4 per cent, respectively.

Trade for the third quarter (Q3) of 2022 surged by 42.0 per cent year-on-year to RM774.98 billion. 

Exports increased by 38.3 per cent to RM419.65 billion and imports expanded by 46.5 per cent to RM355.32 billion.

“This was the highest quarterly value for trade, exports and imports,” the ministry said.

Trade surplus grew by 5.6 per cent to RM64.33 billion.

trade

Compared to the second quarter of 2022, trade, exports, imports and trade surplus rose by 6.1 per cent, 6.5 per cent, 5.7 per cent and 10.8 per cent, respectively.

In the first nine months of 2022, trade climbed by 32.9 per cent to RM2.13 trillion from the same period last year.

Exports increased by 30.3 per cent to RM1.16 trillion while imports grew by 36.2 per cent to RM971.26 billion. 

Trade surplus widened by 6.3 per cent to RM187.40 billion.

“Trade, exports, imports and trade surplus registered the highest value for the period,” MITI said.

On export performance by sector, the ministry said exports of manufactured goods in September 2022 reached its highest monthly value at RM122.23 billion or 84.7 per cent of total exports, growing by 28.7 per cent year-on-year (y-o-y).

“This was the 14th consecutive month of double-digit growth. E&E products, petroleum products, optical and scientific equipment as well as machinery, equipment and parts, each recorded more than RM1 billion increase in exports,” it added.

Exports of mining goods (7.7 per cent share) surged by 89.0 per cent y-o-y to RM11.10 billion, the highest monthly value. The increase — a double-digit growth for the 18th straight month — was mainly due to higher exports of LNG and crude petroleum.

Exports of agriculture goods (7.2 per cent share) expanded by 8.0 per cent to RM10.44 billion compared to September 2021, contributed mainly by higher exports of palm oil and palm oil-based agriculture products.

On trading with major markets, the ministry said in September 2022, trade with ASEAN grew by 33.6 per cent y-o-y to RM67.85 billion, which accounted for 26.4 per cent of Malaysia’s total trade.

Exports grew by 31.5 per cent to RM39.97 billion due to higher exports of E&E products and petroleum products.

In the same month, trade with China, which made up 17.1 per cent of Malaysia’s total trading, climbed by 14.0 per cent y-o-y to RM43.91 billion, with exports to the world’s second-largest economy recorded a growth of eight per cent to RM20.09 billion due to higher exports of E&E products.

Trade with the US in September 2022 made up 10.4 per cent of Malaysia’s total. It expanded by 42.5 per cent y-o-y to RM26.73 billion, the highest monthly value thus far.

“Exports grew by 32.5 per cent to RM16.31 billion on the back of robust exports of E&E products,” MITI said.

Trade with Japan, meanwhile, accounted for 6.7 per cent of Malaysia’s total trade. It rose by 49.5 per cent y-o-y to RM17.11 billion in September 2022.

Exports surged by 74.6 per cent to RM9.93 billion, supported by higher exports of LNG, E&E products and petroleum products.

NMT as reported by Bernama