MALAYSIA’s trade remained sturdy in August 2022 with double-digit growth recorded for trade, exports and imports – the highest monthly value for the month of August.
Trade surged by 56.7% to RM265.74 bil compared to August 2021, the 19th consecutive month of double-digit growth, while exports increased by 48.2% to RM141.33 bil, the 13th successive month of double-digit growth.
Imports, on the other hand, leaped by 67.6% to RM124.41 bil while the country’s trade surplus contracted by 19.9% to RM16.92 bil.
This was revealed in a statement by the office of International Trade and Industry Datuk Seri Mohamed Azmin Ali today (Sept 20).
The export expansion was attributed to higher shipments of electrical and electronic (E&E), petroleum, palm oil and palm oil-based agriculture products, liquefied natural gas (LNG) as well as optical and scientific equipment.
Exports of petroleum products, LNG and optical and scientific equipment registered the highest monthly value.
Meanwhile, exports to major trading partners, notably ASEAN, China, the US, the European Union (EU) and Japan, recorded double-digit growth, with the highest monthly export value registered to Japan.
On a month-on-month (m-o-m) basis, trade, exports, imports and trade surplus grew by 5.2%, 5.4%, 5.0% and 8.6%, respectively.
For January to August 2022, trade expanded by 33.1% to RM1.873 tril from the same period last year, while exports surpassed RM1 tril – the shortest period to reach this milestone, just eight months – expanding by 30.3% to RM1.014 tril.
Imports climbed by 36.7% to RM858.83 bil and trade surplus was up by 3.7% to RM155.57 bil.
Trade, exports, imports and trade surplus registered the highest value for the period.
Exports and trade performance
In terms of exports in August 2022:
- Manufactured goods, which represented 84.5% of total exports, rose by 47.7% year-on-year (y-o-y) to RM119.48 bil. This was the 13th consecutive month of double-digit expansion.
- Mining goods (7.6% share) soared by 59.1% y-o-y to RM10.77 bil, the 17th successive month of double-digit growth.
- Agriculture goods (7.4% share) increased by 42.6% to RM10.47 bil compared to August 2021, the 18th consecutive month of double-digit growth.
- E&E products, valued at RM50.89 bil and accounting for 36.0% of total exports, increased by 48.5% from August 2021.
- Petroleum products (RM20.25 bil or 14.3% of total exports) surged by 180.3%.
- Palm oil and palm oil-based agriculture products (RM8.19 bil or 5.8% of total exports) increased by 47.9%.
- Chemicals and chemical products (RM6.69 bil or 4.7% of total exports), increased by 15.3%.
- LNG (RM6.28 bil or 4.4% of total exports) surged by 72.9%.
In terms of trade performance with major markets, exports to all ASEAN markets recorded increased, notably to Singapore, which grew by RM7.36 bil due to higher exports of E&E products; Indonesia (↑RM3.51 bil, petroleum products), Thailand (↑RM2.18 bil, E&E products) and Vietnam (↑RM310.5 mil, E&E products).
On an m-o-m basis, trade, exports and imports decreased by 3.3%, 1.2% and 6.2%, respectively.
For January to August 2022, trade with ASEAN rose by 43.5% to RM514.73 bil compared to the same period of 2021.
Exports to this region increased by 38.1% to RM297.41 bil, led by higher exports of E&E products, petroleum products, crude petroleum as well as machinery, equipment and parts, while imports from ASEAN grew by 51.5% to RM217.32 bil. – Sept 20, 2022
Main photo credit: Malay Mail
