KUALA LUMPUR (Oct 19): Malaysia’s trade continued its upward trajectory in September 2022, rising by 31.4% to RM256.91 billion compared to the same month last year. It was the 20th consecutive month of double-digit growth, said the Ministry of International Trade and Industry (Miti).
It said exports increased by 30.1% to RM144.31 billion, marking the 14th successive month of double-digit growth, while imports expanded by 33% to RM112.6 billion.
“Malaysia’s trade surplus achieved a new record high, expanding by 20.9% to RM31.71 billion,” the ministry said in a statement on Wednesday (Oct 19).
The total trade value was the highest monthly value for the month of September.
Miti said export growth was contributed mainly by robust external demand for electrical and electronics (E&E) products, petroleum products, liquefied natural gas (LNG), crude petroleum, optical and scientific equipment as well as machinery, equipment and parts.
Exports of E&E products, optical and scientific equipment as well as LNG registered the highest monthly value so far.
Exports to major trading partners, notably Asean, the US, the European Union and Japan, recorded double-digit growth. Exports to Japan registered the highest monthly value ever.
On a month-on-month basis, exports increased by 2.2% and the trade surplus rose 86.1%, while trade contracted by 3.2% and imports shrank by 9.4%.
Trade in the third quarter of 2022 surged by 42% year-on-year (y-o-y) to RM774.98 billion.
Exports increased by 38.3% to RM419.65 billion, while imports expanded by 46.5% to RM355.32 billion.
“This was the highest quarterly value for trade, exports and imports,” the ministry said.
The trade surplus grew by 5.6% to RM64.33 billion.
Compared to the second quarter of 2022, trade rose by 6.1%, exports by 6.5%, imports by 5.7%, and the trade surplus by 10.8%.
In the first nine months of 2022, trade climbed by 32.9% to RM2.13 trillion from the same period last year.
Exports increased by 30.3% to RM1.16 trillion, while imports grew by 36.2% to RM971.26 billion.
The trade surplus widened by 6.3% to RM187.4 billion.
“Trade, exports, imports and the trade surplus registered the highest value for the period,” Miti said.
On export performance by sector, the ministry said exports of manufactured goods in September 2022 reached its highest monthly value of RM122.23 billion or 84.7% of total exports, growing by 28.7% y-o-y.
“This was the 14th consecutive month of double-digit growth. E&E products, petroleum products, optical and scientific equipment as well as machinery, equipment and parts each recorded more than a RM1 billion increase in exports,” it added.
Exports of mining goods (7.7% share) surged by 89% y-o-y to RM11.1 billion, the highest monthly value. The increase, a double-digit growth for the 18th straight month, was mainly due to higher exports of LNG and crude petroleum.
Exports of agriculture goods (7.2% share) expanded by 8% to RM10.44 billion compared to September 2021, contributed mainly by higher exports of palm oil and palm oil-based agriculture products.
On trade with major markets, the ministry said in September 2022, trade with Asean grew by 33.6% y-o-y to RM67.85 billion, which accounted for 26.4% of Malaysia’s total trade.
Exports grew by 31.5% to RM39.97 billion due to higher exports of E&E products and petroleum products.
In the same month, trade with China, which made up 17.1% of Malaysia’s total trade, climbed by 14% y-o-y to RM43.91 billion, with exports to the world’s second-largest economy recording a growth of 8% to RM20.09 billion due to higher exports of E&E products.
Trade with the US in September 2022 made up 10.4% of Malaysia’s total trade. It expanded by 42.5% y-o-y to RM26.73 billion, the highest monthly value thus far.
“Exports grew by 32.5% to RM16.31 billion on the back of robust exports of E&E products,” Miti said.
Trade with Japan, meanwhile, accounted for 6.7% of Malaysia’s total trade. It rose by 49.5% y-o-y to RM17.11 billion in September 2022.
Exports surged by 74.6% to RM9.93 billion, supported by higher exports of LNG, E&E products and petroleum products.
Source: The Edge