Malaysia’s trade-in January 2022 continued to be resilient with trade, exports, imports, and trade surplus registered highest monthly value for January, Senior Minister Of International Trade and Industry, said in a statement
It said that trade expanded by 24.8% to RM203.05 billion compared to January 2021. Exports rose by 23.5% to RM110.73 billion, the 6th successive month of double-digit expansion since August 2021. Imports increased by 26.4% to RM92.32 billion and trade surplus grew by 10.9% `to RM18.4 billion.
The statement said that export expansion was underpinned by higher global demand primarily for exports of electrical and electronic (E&E) products as well as palm oil and palm oil-based agriculture products.
It said that meanwhile, exports to major trading partners notably ASEAN, China, the United States (US), the European Union (EU), and Japan recorded double-digit growth.
Compared to December 2021, trade, exports, imports, and trade surplus declined by 6.3%, 10.6%, 0.6% and 40.6%, due to the high base effect and seasonal factors following the new year holidays.
In January 2022, all major sectors recorded double-digit y-o-y expansion, supported by significant export growth for almost all key products.
The statement said that exports of manufactured goods which made up 85.5% of total exports grew by 19.3% to RM94.67 billion, the sixth straight month of double-digit growth since August 2021. E&E products manufacturers of metal, petroleum products, chemicals, and chemical products, palm oil-based manufactured products as well as machinery, equipment, and parts each posted over RM1 billion increase in exports.
It said that the exports of agricultural goods (7.9% share) surged by 75.6% to RM8.77 billion, the 11th consecutive month of double-digit growth since March 2021. The growth was boosted by strong exports of palm oil and palm oil-based agriculture products.
The statement said that exports of mining goods (6.2% share) edged up by 38.4% to RM6.82 billion, the 10th successive month of double-digit growth since April 2021. This was on the back of higher exports of liquefied natural gas (LNG).
On major exports in January 2002, it said that E&E products, valued at RM44.77 billion and constituted 40.4% of total exports, grew by 22.1% from January 2021; • Palm oil and palm oil-based agriculture products, RM6.90 billion, 6.2% of total exports, soared by 107.1%.
It said that Petroleum products, RM6.35 billion, 5.7% of total exports, expanded by 39.2%; •Chemicals and chemical products, RM6.19 billion, 5.6% of total exports, increased by 31.6%; and Manufactures of metal, RM5.71 billion, 5.2% of total exports, surged by 53.9%.
On a month-on-month (m-o-m) basis, exports of manufactured, agriculture and mining goods declined by 10.1%, 20.8% and 2.7%, respectively.
On trade performance with major markets, the statement said that in January 2022, trade with ASEAN which took up 25.7% of Malaysia’s total trade leaped by 21.4% y-o-y to RM52.23 billion. It said that exports expanded by 19.5% to RM30.76 billion following robust exports of petroleum products and E&E products. Imports from ASEAN climbed by 24.2% to RM21.48 billion.
On trade With China, it said that China which absorbed 19.7% of Malaysia’s total trade edged up by 33.7% y-o-y to RM39.99 billion, the 14th consecutive month of double-digit growth.
Exports to China rose by 28.7% to RM16.88 billion, the fifth consecutive month of double-digit expansion since September 2021. This was driven by strong exports of E&E products and LNG. Imports from China increased by 37.6% to RM23.12 billion.
Trade with the US in January 2022 which accounted for 9.1% of Malaysia’s total trade grew by 16.2% y-o-y to RM18.51 billion. Exports rose by 17.7% to RM12.14 billion, the sixth successive month of double-digit growth since August 2021.
Trade with the EU which comprised 8.1% of Malaysia’s total trade in January 2022 expanded by 24.5% y-o-y to RM16.46 billion, registering the 12th consecutive month of double-digit growth.