Malaysia trade for February rose by 17.5% to RM184.75 billion compared to February 2021, the 13th consecutive month of double-digit growth.
Exports surpassed RM100 billion marks for the first time for the month of February, increased by 16.8% to RM102.27 billion. This was also the seventh consecutive month of double-digit growth. Imports expanded by 18.4% to RM82.48 billion and trade surplus grew by 10.7% to RM19.79 billion.
In a statement by the Senior Minister of International Trade, It said that the export growth was boosted by higher shipments of electrical and electronic (E&E) products driven by global digitalisation trends as well as palm oil and palm oil-based agriculture products which was supported by higher prices of crude palm oil.
Exports to major markets notably ASEAN, China, the European Union (EU), and Japan recorded double-digit growth.
For the first two months of 2022, trade, exports, and imports registered the fastest growth since 2010 and the highest value for the period. Trade leaped by 21.4% to RM388.33 billion from the same period last year.
Exports grew by 20.4% to RM213.34 billion and imports climbed by 22.6% to RM174.99 billion. Trade surplus increased by 11.2% to RM38.35 billion
Exports of manufactured goods in February 2022 which accounted for 85.2% of total exports expanded by 14.2% y-o-y to RM87.16 billion attributed to higher exports of E&E products, chemicals, and chemical products, manufactures of metal as well as palm oil based manufactured products, each recorded more than RM1 billion increase in exports
On exports in February, it said that E&E products, valued at RM39.65 billion and accounted for 38.8% of total exports, increased by 25.8% from February 2021; Petroleum products, RM7.32 billion, 7.2% of total exports, increased by 9.6%; Chemicals and chemical products, RM6.64 billion, 6.5% of total exports, increased by 28.2%; • Palm oil and palm oil-based agriculture products, RM6.26 billion, 6.1% of total exports, surged by 58.9%; and Manufactures of metal, RM4.95 billion, 4.8% of total exports, increased by 31.8%.
On Malaysia’s trade with other countries, ASEAN absorbed 27.6% of Malaysia’s total trade, growing by 24.6% y-o-y to RM51.03 billion. Exports increased by 20.1% to RM29.34 billion supported by higher exports of E&E products, petroleum products as well as crude petroleum. Imports from ASEAN rose by 31.3% to RM21.69 billion.
Exports to major markets in ASEAN that recorded increases were Singapore which grew by RM1.83 billion, due to higher exports of E&E products, Thailand (↑RM1.22 billion, crude petroleum), Viet Nam (↑RM1.37 billion, E&E products), Indonesia (↑RM697.8 million, petroleum products) and the Philippines (↑RM19.5 million, palm oil and palm oil-based agriculture products).
On Malaysian trading partners, it said that trade with China which represented 17.4% of Malaysia’s total trade expanded by 11.9% y-o-y to RM32.18 billion. Trade with the US in February 2022 comprised 9.3% of Malaysia’s total trade grew by 14.5% y-o-y to RM17.23 billion. Trade with EU consisted of 8.1% 8.1% of Malaysia’s total trade in February 2022 grew by 17.8% y-o-y to RM15.03 billion.