According to the Department of Statistics Malaysia (DOSM), the country’s export value expanded by 10.8 percent from RM86.4 billion in December 2019 to RM95.7 billion in December 2020. The number is the highest export value recorded last year.
Malaysia’s imports recorded an increase of 1.6 percent to RM75.0 billion, as compared to December 2019.
Trade surplus soared by 64.9 percent to RM20.7 billion year-on-year (y-o-y) with total trade amounting to RM170.8 billion, widened by 6.5 percent y-o-y in December 2020.
On a month-on-month (m-o-m) basis, exports, imports, total trade, and trade balance posted a double-digit growth of 13.1 percent, 11.0 percent, 12.2 percent, and 21.4 percent, respectively.
Malaysia’s exports stood at RM95.7 billion, increasing by 10.8 percent y-o-y, in December 2020 which surpassed import growth for eight consecutive months. In comparison to November 2020, exports also posted a double-digit growth of 13.1 percent.
Exports grew by 5.1 percent from RM258.2 billion in Q4 2019 to RM271.5 billion for Q4 2020. In comparison to Q3 2020, exports also increased by 4.2 percent.
In 2020, exports declined by 1.4 percent from RM995.1 billion to RM981.0 billion. Expansion in exports was supported mainly by higher exports to Singapore, China, the United States, India, Hong Kong, and the European Union (EU).
Exports of manufactured goods amounted to RM82.0 billion, which represented 85.6 percent of total exports, expanded by 12.4 percent y-o-y.
Exports of agriculture goods, which represented 8.7 percent of total exports soared by 47.1 percent from RM5.7 billion to RM8.4 billion.
Meanwhile, exports of mining goods, which represented 5.2 percent of total exports, decreased by 31.0 percent.
Malaysia’s imports valued at RM75.0 billion, increased by 1.6 percent in December 2020 compared to December 2019.
On a positive note, after nine consecutive months of decline, imports rebounded to post a growth. On a m-o-m basis, imports also expanded by 11.0 percent from RM67.6 billion.
The country’s imports contracted by 6.3 percent to RM796.2 billion as compared to 2019.
Additionally, increasing imports from China, Indonesia, Hong Kong, and Taiwan had contributed to the increase in Malaysia’s total imports in December 2020.
Imports of manufactured goods in December 2020 amounted to RM64.5 billion, which represented 86.0 percent of total imports recording an increase of 3.1 percent y-o-y.
Additionally, imports of agriculture goods, which represented 7.1 percent of total imports, increased by 24.3 percent while imports of mining goods, which represented 4.2 percent from the total imports, dropped by 44.2 percent.
Imports of consumption goods, which represented 9.4 percent to the total imports, grew by 3.3 percent y-o-y to RM7.0 billion.
Meanwhile, imports of intermediate goods, which represented 53.1 percent of total imports, and capital goods, which represented 11.2 percent of total imports, decreased by 5.0 percent, and 2.0 percent, respectively.