Malaysia’s exports in January 2021 maintained its growth for five consecutive months, recording increase of 6.6 percent to RM89.63 billion compared to January 2020. This marked the highest export value for the month of January thus far.
Increase on global demand notably for electrical and electronic (E&E) and rubber products as well as front-loading activities prior to the festive season attributed to the expansion.
As it currently stands, imports in January 2021 expanded by 1.3 percent y-o-y to RM73.02 billion. Total trade has increased by 4.1 percent to RM162.65 billion, making it the highest value registered for the month of January.
Trade surplus surged by 38 percent to RM16.6 billion, sustaining a double digit growth for eight consecutive months. In comparison to December 2020, total trade, exports, imports and trade surplus decreased by 4.8 percent, 6.4 percent, 2.7 percent and 19.8 percent, respectively.
Higher exports were seen to China, the United States (US), Vietnam, Singapore and Hong Kong SAR.
Export Performance of Major Sectors
Exports of manufactured goods in Jan 2020 contributed to 88.5 percent of total exports, a double-digit growth of 11.7 percent y-o-y to RM79.36 billion.
The growth was supported mainly by higher exports of E&E products which were driven by rising demand for various electronic products notably in the automotive industry, 5G network and smart devices.
Exports of rubber products especially rubber gloves, showed resilient performance, registering triple-digit growth for five consecutive months. An increase in exports was also registered for manufactures of metal, chemicals and chemical products as well as optical and scientific equipment.
Meanwhile, the exports of agriculture goods (5.6 percent share) amounted to RM5 billion compared to a year ago, decreased by 7.2 percent mainly due to lower exports of palm oil and palm oil based agriculture products. For exports of mining goods (5.5 percent share) was valued at RM4.93 billion, shrank by 31 percent y-o-y mainly on lower exports of liquefied natural gas (LNG) and crude petroleum.
Major exports in January 2020
E&E products, valued at RM36.65 billion constituted 40.9 percent of total exports, increased by 13.1 percent. Whereas for rubber products, RM6.36 billion, 7.1 percent of total exports, surged by 187.4 percent.
Whereas for chemical products valued at 4.7 billion, 5.2 percent of total exports, increased by 10.6 percent. Petroleum products, RM4.56 billion, 5.1 percent of total exports, decreased by 32.4 percent followed by manufactures of metal, RM3.71 billion, 4.1 percent of total exports, increased by 19.9 percent.
On a month-on-month (m-o-m) basis, exports of manufactured, agriculture and mining goods declined by 3.2 percent, 40.2 percent and 1.8 percent, respectively.