Malaysia’s total trade soared 24.8% to RM203.05 billion in January 2022 — MITI

Malaysia’s total trade soared 24.8% to RM203.05 billion in January 2022 — MITI

18 February, 2022

Feb 18 – Malaysia’s trade in January 2022 continued to be resilient, expanding 24.8% to RM203.05 billion compared with that of January 2021, said the Ministry of International Trade and Industry (MITI).

In a statement on Friday, MITI said exports accelerated 23.5% to RM110.73 billion in January 2022, the sixth successive month of double-digit expansion since August 2021, while imports increased 26.4% to RM92.32 billion and trade surplus grew 10.9% to RM18.4 billion.

The ministry said export expansion was underpinned by higher global demand primarily for exports of electrical and electronics (E&E) products, as well as palm oil and palm oil-based agriculture products.

Malaysia posted higher double-digit exports from most major markets, namely ASEAN, China, the United States, the European Union, and Japan.

Compared with December 2021, trade, exports, imports, and trade surplus declined 6.3%, 10.6%, 0.6%, and 40.6%, respectively, due to high base effect and seasonal factors following new year holidays.

“In January 2022, all major sectors recorded double-digit year-on-year (y-o-y) expansion, supported by significant export growth for almost all key products.

“Exports of manufactured goods, which made up 85.5% of total exports, grew 19.3% to RM94.67 billion,” it said.

MITI said E&E products, manufactures of metal, petroleum products, chemicals and chemical products, palm oil-based manufactured products, as well as machinery, equipment, and parts each recorded over RM1 billion increase in exports.

In addition, exports of agriculture goods (7.9% share) surged 75.6% to RM8.77 billion, the 11th consecutive month of double-digit growth since March 2021, and the growth was boosted by strong exports of palm oil and palm oil-based agriculture products.

Exports of mining goods (6.2% share) edged up 38.4% to RM6.82 billion, the 10th successive month of double-digit growth since April 2021, on the back of higher exports of liquefied natural gas (LNG).

MITI said exports expanded 19.5% to RM30.76 billion following robust exports of petroleum products and E&E products, while imports from ASEAN climbed 24.2% to RM21.48 billion.

It said exports to most ASEAN countries recorded significant increases notably to Singapore, growing RM2.11 billion due to higher exports of petroleum products.

Exports to Thailand and Vietnam registered increases of RM902.2 million and RM689.4 million, respectively, attributed to higher exports of E&E products, Indonesia (+RM850.2 million, petroleum products) as well as the Philippines (+RM240.5 million, palm oil and palm oil-based agriculture products).

Likewise, trade with China edged up 33.7% y-o-y to RM39.99 billion in January 2022, the 14th consecutive month of double-digit growth.

“Exports to China rose 28.7% to RM16.88 billion, the fifth consecutive month of double-digit expansion since September 2021, driven by strong exports of E&E products and LNG, while imports from China increased 37.6% to RM23.12 billion,” it said.

The ministry said trade with the US, which accounted for 9.1% of Malaysia’s total trade, grew 16.2% y-o-y to RM18.51 billion, with exports rising 17.7% to RM12.14 billion, underpinned mainly by growing exports of E&E products, while imports from the US were up 13.3% to RM6.37 billion, in January 2022.

It added that total trade with the EU in January 2022 widened 24.5% y-o-y to RM16.46 billion, registering the 12th consecutive month of double-digit growth.

“Exports increased 14.6% to RM9.19 billion on account of higher exports of E&E products, palm oil and palm oil-based products, as well as iron and steel products, while imports from the EU climbed 40% to RM7.27 billion,” it said.

Meanwhile, trade with Japan, which made up 6.3% of Malaysia’s total trade, leapt 10.2% y-o-y to RM12.85 billion in January 2022.

Exports edged up 10% to RM7.13 billion, the 11th successive month of double-digit expansion since March 2021, underpinned by strong exports of manufactures of metal, LNG, as well as iron and steel products.

On the other hand, imports from Japan grew 10.5% to RM5.72 billion.

Source : The Edge Markets