KUALA LUMPUR, 20 Feb 2023 — Malaysia’s trade performance maintained its upward momentum in January 2023 with trade, exports and imports registering the highest monthly value for the month of January.
The Ministry of International Trade and Industry (MITI) said in a statement today that trade expanded by 1.9 percent year-on-year (y-o-y) to RM207.51 billion.
Exports rose by 1.6 percent to RM112.84 billion and imports was higher by 2.3 percent to RM94.67 billion.
“Trade surplus amounted to RM18.16 billion, a decrease of 2.1 percent. This marked the 33rd consecutive month of trade surplus since May 2020,” MITI said.
According to MITI, the export expansion was bolstered by strong exports of petroleum products, liquefied natural gas (LNG) as well as electrical and electronic (E&E) products. Exports to major trading partners notably ASEAN and Japan recorded double-digit growth.
Compared to December 2022, trade, exports, imports and trade surplus contracted by 11.8 percent, 14.4 percent, 8.6 percent and 35.5 percent, respectively, due to shorter working days and long festive holidays.
MITI said in January 2023, exports of manufactured goods which accounted for 84.2 percent of total exports decreased marginally by 0.1 percent y-o-y to RM94.97 billion due to lower exports of manufactures of metal, rubber products as well as iron and steel products.
However, it said that expansion in exports was seen for petroleum products, E&E products, optical and scientific equipment as well as beverages and tobacco.
Collectively, exports of petroleum products and E&E products accounted for 52.2 percent of Malaysia’s total exports and rose by RM7.66 billion. E&E products, valued at RM46.96 billion and accounted for 41.6 percent of total exports, increased by 4.7 percent from January 2022 while petroleum products, valued at RM11.92 billion accounted for 10.6 percent of total exports, surged by 87.5 percent from January last year.
MITI also said that in January 2023, trade with ASEAN contributed 26.6 percent to Malaysia’s total trade, rising by 5.6 percent y-o-y to RM55.26 billion.
“Exports grew by 10.7 percent to RM34.1 billion, the 18th consecutive month of double-digit growth underpinned by higher exports of petroleum products and E&E products. Imports from ASEAN declined by 1.8 percent to RM21.16 billion,” MITI said.
MITI also stated that in January 2023, trade with China which made up 17.8 percent of Malaysia’s total trade contracted by 7.9 percent y-o-y to RM37.01 billion. MITI said exports to China was valued at RM14.98 billion, declined by 11.9 percent on lower exports of iron and steel products as well as petroleum products. However, higher exports was recorded for chemicals and chemical products as well as E&E products. On the other hand, imports from China slipped by 4.9 percent to RM22.03 billion.
Meanwhile, trade with the United States (US) in January 2023, which accounted for 9 percent of Malaysia’s total trade, rose by 1.2 percent y-o-y to RM18.72 billion. Exports amounted to RM12.05 billion, a marginal decrease of 0.6 percent due to lower exports of iron and steel products as well as wood and rubber products. However, the contraction was cushioned by higher exports of E&E products, petroleum products as well as palm oil and palm oil- based agriculture products. Imports from the US edged up by 4.7 percent to RM6.67 billion. On a month-on-month basis, trade, exports and imports shrank by 16.8 percent, 22 percent and 5.3 percent, respectively.
Meanwhile, in January 2023, trade with the European Union (EU) which represented 8.2 percent of Malaysia’s total trade, grew by 3.5 percent y-o-y to RM17.09 billion, MITI said. Exports rose by 1.4 percent to RM9.35 billion, aided by robust exports of petroleum products, manufactures of metal as well as machinery, equipment and parts. Imports from the EU expanded by 6.1 percent to RM7.74 billion. Compared to December 2022, trade, exports and imports decreased by 16 percent, 22.9 percent and 5.8 percent, respectively.
MITI also said that in January 2023, trade with Japan which comprised 6.8 percent of Malaysia’s total trade rose by 8.8 percent y-o-y to RM14.09 billion. Exports increased by 13.2 percent to RM8.19 billion, the 23rd successive month of double-digit expansion contributed by higher exports of LNG. Imports from Japan expanded by 3.2 percent to RM5.9 billion. On a month-on-month basis, exports increased by 3.6 percent while trade and imports contracted by 3.8 percent and 12.5 percent, respectively.
In January 2023, trade with Free Trade Agreement (FTA) partners which took up 68.2 percent of Malaysia’s total trade increased by 0.9 percent y-o-y to RM141.46 billion, it said.
“Exports to FTA partners rose by 3.9 percent to RM80.03 billion and imports slipped by 2.6 percent to RM61.44 billion. Compared to December 2022, trade, exports and imports declined by 10.6 percent, 11.1 percent and 10.1 percent, respectively,” MITI added.
— Akses Malaysia
