KUALA LUMPUR, 17 Nov 2022 – Malaysia’s total trade expanded by 21.1 per cent to RM245.18 billion in October 2022, marking the 21st consecutive month of double-digit growth, said the Ministry of International Trade and Industry (MITI).
According to MITI, exports rose by 15% to RM131.63 billion, the 15th consecutive month of year-on-year (y-o-y) expansion. Imports were higher by 29.2% to RM113.54 billion while the trade surplus decreased by 32% to RM18.09 billion.
“The export growth was boosted mainly by higher shipments of petroleum products, electrical and electronic (E&E) products, liquefied natural gas (LNG) as well as crude petroleum. Exports of LNG registered the highest monthly value thus far,” MITI said in a statement today.
Meanwhile, exports to major trading partners notably ASEAN, China, the United States (US), the European Union (EU) and Japan recorded growth.
On a month-on-month (m-o-m) basis, imports grew by 1% while trade, exports and trade surplus contracted by 4.5%, 8.7% and 43.2%, respectively.
MITI said for the first 10 months of 2022, trade, exports and imports surpassed the value which was recorded in the year of 2021.
Trade expanded by 31.6% to RM2.375 trillion compared to the same period of 2021 and exports increased by 28.5% to RM1.29 trillion.
Meanwhile, imports exceeded RM1 trillion mark for the first time, rose by 35.4% to RM1.085 trillion and trade surplus grew by 1.3% to RM205.61 billion.
MITI said exports of manufactured goods in October 2022 which accounted for 84.5% of total exports rose by 12.6% y-o-y to RM111.18 billion while petroleum products and E&E products respectively posted more than RM1 billion increase in exports.
Exports of mining goods (8.5% share) surged by 85.9% y-o-y to RM11.22 billion, the highest monthly value thus far and was the 19th straight month of double-digit expansion. “The increase was mainly due to higher exports of LNG and crude petroleum,” it said.
Exports of agriculture goods (6.5% share) contracted by seven percent to RM8.6 billion compared to October 2021 on account of lower exports of palm oil and palm oil-based agriculture products as well as natural rubber.
For the period of January to October 2022, almost all products recorded export growth. Exports of manufactured goods breached overall value registered in 2021, expanding by 25.3% to RM1.087 trillion compared to the same period last year. “This was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, palm oil-based manufactured products as well as chemicals and chemical products,” MITI said,
Exports of agriculture goods rose by 31.1% to RM101.01 billion, exceeding overall value posted last year. The growth was driven by higher exports of palm oil and palm oil- based agriculture products.
Exports of mining goods soared by 73.2% to RM96.91 billion and superseded overall value recorded last year. The expansion was boosted by higher exports of LNG and crude petroleum.
In October 2022, trade with ASEAN contributed 25.8% to Malaysia’s total trade, expanding by 20.5% y-o-y to RM63.35 billion. Exports increased by 25.3% to RM38.79 billion, the 15th consecutive month of double-digit growth, boosted by higher exports of petroleum products and E&E products. Imports from ASEAN rose by 13.6% to RM24.56 billion.
In the first 10 months of 2022, trade with ASEAN climbed by 39.8% to RM645.88 billion compared to the same period of 2021. Exports to this region increased by 36% to RM376.13 billion driven by strong exports of E&E products, petroleum products, crude petroleum as well as machinery, equipment and parts. Imports from ASEAN expanded by 45.4% to RM269.75 billion.
In October 2022, trade with China which represented 16.9% of Malaysia’s total trade grew by 13.1% y-o-y to RM41.54 billion, the 23rd consecutive month of double-digit growth. Exports to China recorded a growth of 4.3% to RM18.42 billion on the back of robust exports of E&E products. Imports from China rose by 21.2% to RM23.13 billion.
Trade with China during the first 10 months of 2022 increased by 17.9% to RM402.08 billion compared to the same period of 2021. Exports edged up by 12.3% to RM173.86 billion on higher exports of E&E products, LNG as well as palm oil and palm oil-based agriculture products. Imports from China climbed by 22.6% to RM228.22 billion.
In October 2022, trade with Free Trade Agreement (FTA) partners which constituted 64.5% of Malaysia’s total trade increased by 18.2% y-o-y to RM158.05 billion. Exports to FTA partners rose by 17.7% to RM89.16 billion and imports grew by 18.8% to RM68.89 billion.
Trade with FTA partners during the first 10 months of 2022 which made up 66% of Malaysia’s total trade rose by 30.4% to RM1.568 trillion compared to the same period of 2021. “Exports increased by 29.4% to RM867.89 billion and imports edged up by 31.6% to RM700.51 billion,” MITI added.
— Akses Malaysia
