KUALA LUMPUR, 19 April 2023 — Malaysia’s trade surplus widened in March 2023 to RM26.69 billion compared to that of March 2022, marking the 35th consecutive month of trade surplus since May 2020 and the highest trade surplus ever recorded for March, the Ministry of Investment, Trade and Industry (MITI) said in a statement today.
According to MITI, trade slipped slightly by 1.6 per cent to RM232.72 billion in March 2023, while exports fell 1.4 per cent to RM129.71 billion and imports were lower by 1.8 per cent to RM103.01 billion year-on-year (y-o-y).
“Trade, exports, imports and trade surplus posted a double-digit growth of 13.5 per cent, 15.5 per cent, 11.1 per cent and 36.4 per cent respectively, compared to February 2023.
Trade also increased by 3.2 per cent to RM644.87 billion in the first quarter (1Q) of 2023 compared to the 1Q 2022, while exports rose 2.8 per cent to RM354.63 billion and imports grew by 3.7 per cent to RM290.24 billion,” MITI said.
According to MITI, trade, exports and imports recorded the highest value for the period. However, the trade surplus slipped by one per cent in the quarter to RM64.39 billion.
MITI stated that exports of manufactured goods, which constituted 84 per cent or RM108.96 billion of total exports in March 2023 slipped marginally by 0.4 per cent y-o-y amid lower exports of electrical and electronic (E&E) products, rubber products and wood products.
Exports of mining goods made up eight per cent of total trade or RM10.4 billion, a decrease of 3.5 per cent y-o-y on lower petroleum condensate and other petroleum oil demand, while agriculture goods with 7.3 per cent share stood at RM9.43 billion, slipping 10.8 per cent y-o-y due to lower exports of palm oil and palm oil-based agriculture products.
MITI also said that an increase in exports was registered for liquefied natural gas (LNG).
MITI said that in March 2023, trade with Asean represented 27.9 per cent or RM64.84 billion of Malaysia’s total trade, declining by 1.4 per cent y-o-y.
Exports amounted to RM37.98 billion, a fall of 3.4 per cent on lower exports of E&E products. However, increases in exports were recorded for petroleum products, machinery, equipment and parts as well as transport equipment.
On the other hand, imports from Asean expanded by 1.6 per cent to RM26.86 billion.
Exports to Asean major markets that recorded increases were Singapore, which grew by RM615.3 million and Indonesia, which increased by RM738.9 million on account of robust exports of petroleum products.
The ministry said trade with China, which accounted for 16.3 per cent or RM37.84 billion of Malaysia’s total trade contracted by three per cent y-o-y, as exports valued at RM16.68 billion, shrank by 6.2 per cent as a result of lower exports of E&E products.
An increase in exports, however, was recorded for metalliferous ores and metal scrap, chemicals and chemical products as well as LNG. Imports from China slipped by 0.3 per cent to RM21.16 billion.
Meanwhile, trade with the United States (US) in March with a share of 9.5 per cent of Malaysia’s total trade rose 5.2 per cent y-o-y to RM22.05 billion. Exports grew by 7.5 per cent to RM14.59 billion and imports from the US edged up by one per cent to RM7.46 billion.
MITI said that trade with the European Union (EU) made up 8.3 per cent of Malaysia’s total trade in March 2023, expanding by 6.1 per cent y-o-y to RM19.41 billion.
— Akses Malaysia
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