Total trade with the European Union (EU) which accounted for 8.1 percent of Malaysia’s total trade in January 2021, accelerated by 3.3 percent y-o-y to RM13.22 billion.
Exports continued its upward trend since September 2020, registering a double digit growth of 11.4 percent to RM8.02 billion driven mainly by higher exports of rubber products. Meanwhile, the imports from the EU edged down by 7.2 percent to RM5.19 billion.
Among the top 10 EU markets which accounted for 91.1 percent of Malaysia’s total exports to the EU, exports to seven countries recorded increase namely, Germany (7.7percent), the Netherlands (1.1 percent) France (56.2 percent), Belgium (26.8 percent), Poland (97.6 percent), the Czech Republic (8.4 percent) and Slovenia (78.8 percent).
Compared to December 2020, trade and exports picked up by 1.3 percent and 2.5 percent, while imports were down by 0.6 percent.
As of January 2021, trade with Japan which constituted 7.2 percent of Malaysia’s total trade recorded an expansion of 4.1 percent y-o-y to RM11.66 billion. Exports were valued at RM6.48 billion, decreasing marginally by 1.2 percent on account of lower exports of LNG.
However, the contraction was cushioned by higher exports of manufactured goods which registered a double digit growth of 16.9 percent, attributed to E&E products, rubber products as well as optical and scientific equipment. Imports from Japan increased by 11.6 percent to RM5.17 billion. On a m-o-m basis, exports grew by 5.9 percent, while trade and imports contracted by 5.2 percent and 16.3 percent, respectively.