KUALA LUMPUR, 21 July 2023 — Malaysia’s trade surplus in June this year registered a double-digit growth of 11.3% year-on-year (y-o-y) to RM25.81 billion.
This was the 38th consecutive month of trade surplus since May 2020 and the highest monthly value ever recorded for the month of June, the Ministry of Investment, Trade and Industry (MITI) said in a statement today,
“In tandem with slower global demand and lower commodity prices, total trade contracted by 16.3% to RM222.14 billion while exports slipped by 14.1% to RM123.98 billion and imports decreased by 18.9% to RM98.16 billion.
The performance was similar to other regional markets notably China, Singapore, Indonesia, Taiwan and the Republic of Korea (ROK) which recorded negative trade growth for June 2023,” MITI said.
Despite the decline, strong exports were posted primarily for electrical and electronic (E&E) products, iron and steel products, metalliferous ores and metal scrap, transport equipment as well as processed food.
Compared to May 2023, exports and trade surplus expanded by 3.7% and 64.4% while trade and imports were down by 0.5% and 5.4%, respectively.
Trade for the second quarter (Q2) of 2023 decreased by 11.3% to RM643.22 billion compared to Q2 2022 while exports edged down by 11.1% to RM348.68 billion, imports dropped by 11.5% to RM294.54 billion and trade surplus declined by 8.8% to RM54.14 billion, respectively.
Compared to the first quarter (Q1) of 2023, imports increased by 1.5% while trade, exports and trade surplus dipped by 0.2%, 1.7% and 15.9%, respectively.
For the first half (H1) of 2023, trade shrank by 4.6% to RM1.288 trillion compared to the same period last year while exports eased by 4.5% to RM703.27 billion, imports contracted by 4.7% to RM584.75 billion and trade surplus was down by 3.6% to RM118.52 billion, respectively.
In June 2023, exports of manufactured goods which constituted 87.7% or RM108.78 billion of total exports fell by 9.5% y-o-y on lower exports of petroleum products, palm oil-based manufactured products as well as chemicals and chemical products.
“Despite the contraction, higher exports were recorded for E&E products, iron and steel products as well as transport equipment,” MITI said.
Exports of agriculture goods (6% share) totalled RM7.44 billion, edged down by 42.1% compared to June 2022 owing mainly to lower export of palm oil and palm oil-based agriculture products. This was due to a significant decrease in export prices of palm oil despite the higher export volume.
Exports of mining goods (5.6% share) declined by 34.9% y-o-y to RM6.91 billion on the back of lower exports of liquefied natural gas (LNG) and crude petroleum.
Major exports in June this year are E&E products, valued at RM54.07 billion and accounted for 43.6% of total exports which increased by 3.2% compared to June 2022.
Petroleum products valued at RM12.59 billion, which made up 10.2% of total exports fell 28. 7% compared to that of June 2022.
— Akses Malaysia
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