According to the Ministry of International Trade and Industry (MITI), Malaysia’s trade has registered a double-digit growth of 15.4 percent to RM157.27 billion in February 2021 compared to the same month last year. Exports accelerated by 17.6 percent to RM87.57 billion and imports rose by 12.7 percent to RM69.7 billion.
Trade surplus also saw a surge by 41.6 percent to RM17.86 billion.
The country’s exports have maintained its year-on-year (Y-o-Y) positive growth for six consecutive months, supported by an increase in global demand for electrical and electronic (E&E) products mainly semiconductor, rubber products and commodity-based products such as petroleum products and palm oil.
Higher exports were seen to most major markets, namely ASEAN, China, the United States (US), the European Union (EU), Japan and Hong Kong SAR.
Compared to January this year, trade surplus increased by 7.6 percent while total trade, exports and imports were lower by 3.3 percent, 2.3 percent, and 4.5 percent respectively.
During the first two months of the year, exports recorded a double-digit growth of 11.7 percent to RM177.19 billion compared to the same period of 2020. Imports rose by 6.6 percent to RM142.73 billion and total trade expanded by 9.4 percent to RM319.92 billion. Trade surplus surged by 39.8 percent to RM34.47 billion.
MITI has also reported that exports of manufactured goods in February 2021 contributed 86.6 percent to total exports, registering a double-digit growth of 20.1 percent Y-o-Y to RM75.83 billion.
Higher demand of semiconductors for smart devices, 5G network as well as the automotive industry has mainly contributed to the increase.
Exports of agriculture goods rose by 9.7 percent to RM5.69 billion compared to Feb 2020 buoyed mainly by higher shipments of palm oil and palm-oil based agriculture products.
Additionally, exports of mining goods recorded a softer Y-o-Y contraction of 7.8 percent in Feb 2021 to RM5.19 billion compared to a decline of 31 percent in January 2021. The decline was due to lower exports of liquefied natural gas (LNG) and crude petroleum.
On a month-on-month (m-o-m) basis, exports of agriculture and mining goods increased by 14 percent and 5.3 percent, respectively while manufactured goods decreased by 3.7 percent.