KUALA LUMPUR, 19 Dec 2022 — Malaysia’s trade continued its stellar performance and maintained an upward trajectory in November 2022 with trade expanded by 15.6 per cent to RM238.17 billion compared to November 2021 — the 22nd consecutive month of year-on-year (y-o-y) double-digit expansion, said the Ministry of International Trade and Industry (MITI).
In a statement today, MITI said that exports rose by 15.6 per cent to RM130.24 billion, while imports and trade surplus increased by 15.6 per cent each to RM107.93 billion and RM22.3 billion respectively.
“The export expansion was underpinned by strong exports of electrical and electronic (E&E) products, liquefied natural gas (LNG), petroleum products as well as crude petroleum,” MITI said.
Meanwhile, exports to major trading partners notably ASEAN, the United States (US), the European Union (EU) and Japan recorded double-digit growth.
Compared to October 2022, trade surplus rose by 23.5 per cent while trade, exports and imports contracted by 2.8 per cent, one per cent and 4.9 per cent, respectively.
For the period of January to November 2022, trade expanded by 29.9 per cent to RM2.613 trillion compared to the same period last year.
Exports increased by 27.2 per cent to RM1.42 trillion.
Imports rose by 33.3 per cent to RM1.193 trillion and trade surplus edged up by 2.6 per cent to RM227.89 billion.
“Trade, exports, imports and trade surplus registered the highest value for the period,” it said.
In November 2022, exports of manufactured goods which accounted for 84.6 per cent of total exports grew by 15 per cent y-o-y to RM110.23 billion and was the 16th straight month of double-digit expansion.
The growth was underpinned by E&E products and petroleum products, which respectively posted more than RM1 billion increase in exports.
Exports of mining goods (eight per cent share) soared by 62.6 per cent y-o-y to RM10.43 billion, the 20th successive month of double-digit growth led by higher exports of LNG and crude petroleum.
Exports of agriculture goods (6.8 per cent share) declined by 11.1 per cent to RM8.87 billion compared to November 2021 due to lower exports of palm oil and palm oil-based agriculture products.
For the period of January to November 2022, almost all products recorded export growth.
Exports of manufactured goods grew by 24.3 per cent to RM1.197 trillion compared to the same period last year.
This was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, chemicals and chemical products as well as palm oil based manufactured products.
In November 2022, trade with ASEAN contributed 26.6 per cent to Malaysia’s total trade, rising by 11.6 per cent y-o-y to RM63.46 billion.
Exports increased by 16.9 per cent to RM38.69 billion — this was on account of higher exports of E&E products and petroleum products.
Imports from ASEAN increased by 4.1 per cent to RM24.77 billion.
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