Malaysia’s external trade in 2021 registered another milestone surpassing RM2 trillion for the first time and recorded the fastest growth since 1994
In a statement, the Minister Of International Trade and Industry, Datuk Seri Azmin Ali said that exports valued at RM1.24 trillion, achieving 99% of the Twelfth Malaysia Plan 2021-2025 (Twelfth Plan) export projection for 2025, four years ahead of the target. The trade surplus was posted for 24 consecutive years since 1998. These remarkable achievements were driven by robust external demand and higher commodity prices.
He said that exports to major trading partners namely ASEAN, China, the United States (US), and the European Union (EU) recorded a new high with strong double-digit expansion.
Meanwhile, he said that exports to Japan recovered with a double-digit growth after declining for three consecutive years. The significant export expansion was also registered to emerging markets such as Costa Rica, Kenya, Egypt, Nigeria, Ghana, and Iraq. Exports to Free Trade Agreement (FTA) partners showed an upward trajectory with a new high value after two consecutive years of contraction.
He said that exports of manufactured, agriculture, and mining sectors registered double-digit expansion with manufactured goods reaching the RM1 trillion mark for the first time.
The resilient growth was boosted by strong exports of electrical and electronics (E&E) products, petroleum products, manufacturers of metal, palm oil, and palm oil-based agriculture products, rubber products as well as chemicals and chemical products, each posted a record high value with double-digit expansion.
Malaysia’s solid trade performance was in tandem with countries in the region notably Indonesia, Taiwan, China, the Republic of Korea (ROK), Thailand and Singapore which are also recovering from the impact of COVID-19 crisis.
