KUALA LUMPUR, 20 March 2023 — Malaysia’s February trade data remained on an upward trajectory with double-digit year-on-year (y-o-y) growth of 11 per cent to RM204.99 billion with exports expanding 9.8 per cent to RM112.28 billion, said the Ministry of International Trade and Industry (MITI).
MITI said in a statement today that imports for the month increased 12.4 per cent y-o-y to RM92.71 billion.
According to MITI, a trade surplus has been recorded for 34 consecutive months since May 2020, valued at RM19.56 billion.
“Trade, exports, and imports registered the highest monthly value for February. The export growth was supported by strong exports of petroleum products, electrical and electronic (E&E) products as well as liquefied natural gas (LNG),” MITI stated.
MITI said exports to major trading partners, notably ASEAN and the United States, recorded double-digit growth.
Compared to January 2023, the trade surplus grew by 7.9 per cent, while trade, exports, and imports decreased by 1.1 per cent, 0.3 per cent, and 1.9 per cent, respectively, due to shorter working days, MITI said.
According to MITI, from January to February 2023, trade increased by 6.1 per cent to RM412.17 billion compared to the same period in 2022. Exports expanded by 5.4 per cent to RM224.93 billion and imports climbed by 7 per cent to RM187.24 billion.
The trade surplus edged down marginally by 1.8 per cent to RM37.69 billion. Trade, exports, and imports registered the highest value for the period, MITI said.
Among the major exports, E&E products were valued at RM44.27 billion and accounted for 39.4 per cent of total exports, which increased by 11.7 per cent from February 2022.
Petroleum products were worth RM12.26 billion and made up 10.9 per cent of total exports, a surge of 67.5 per cent; chemicals and chemical products (RM6.16 billion, 5.5 per cent of total exports, decreased by 7.2 per cent); LNG (RM5.42 billion, 4.8 per cent of total exports, increased by 32.9 per cent); and palm oil and palm oil-based agriculture products (RM5.38 billion, 4.8 per cent of total exports, decreased by 13.8 per cent).
On a month-on-month basis, exports of manufactured and agricultural goods improved by 0.6 per cent and 2.1 per cent, respectively, while exports of mining goods fell by 10.1 per cent.
MITI also said that in February 2023, trade with ASEAN comprised 27.4 per cent of Malaysia’s total trade, rising by 10 per cent y-o-y to RM56.14 billion.
“Exports grew by 14.8 per cent to RM33.69 billion, the 19th straight month of double-digit expansion, underpinned by higher exports of petroleum products and E&E products. Imports from ASEAN expanded by 3.5 per cent to RM22.45 billion,” MITI said.
— Akses Malaysia
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