Malaysia’s total trade performance continued its growth momentum in April 2022, expanding by 21.3 per cent, reaching RM231.4 billion as compared to RM190.8 billion in the preceding year, the Department Of Statistics Malaysia (DOSM) said
It said that exports increased by 20.7 per cent to RM127.5 billion in April 2022. Imports amounted at RM103.9 billion rose by 22.0 per cent year-on-year (y-o-y).
The trade balance continued to record a surplus, with a value of RM23.5 billion, an increase of 15.7 per cent from the previous year. In comparison to March 2022, exports, imports, total trade and trade balance decreased by 3.1 per cent, 0.9 per cent, 2.1 per cent and 11.6 per cent, respectively.
For the period of January to April 2022, the performance of total trade, exports, imports and trade surplus remained resilient with double-digit growth. Total trade grew by 22.9 per cent, supported by the expansion in exports (+21.8%) as well as imports (+24.3%) while the trade surplus grew 12.1 per cent
On Exports, DOSM said that Exports Maintained its Double-Digit Growth, Surged by 20.7 per cent in April 2022 1. Performance of Exports Malaysia’s exports was recorded at RM127.5 billion, increased by 20.7 per cent as compared to April 2021.
It said that the increase was driven by both domestic exports and re-exports. Domestic exports stood at RM103.4 billion and contributed 81.1 per cent to total exports, grew by 21.7 per cent.
On the same note, re-exports with a value of RM24.1 billion, grew by 16.8 per cent y-o-y. Meanwhile, for monthly comparison, exports fell by 3.1 per cent or RM4.1 billion. Analysis of the seasonally adjusted terms month-on-month (m-o-m), exports decreased by 2.8 per cent or RM3.5 billion to RM124.0 billion.
China and Singapore were the major country of destinations in April 2022 with a total contribution of 26.9 per cent to Malaysia’s exports. Exports to China with a value of RM17.4 billion, represented 13.6 per cent of total exports, registering an increase of 12.4 per cent or RM1.9 billion, y-o-y. The growth was mainly supported by higher exports in electrical & electronic products (E&E) (+RM1.3 billion, +28.4%) and metalliferous ores & metal scrap (+RM465.3 million, +125.3%).
Singapore was the second top country of destination in April 2022 with a value of RM17.0 billion and accounted for 13.3 per cent of Malaysia’s total exports, grew by 9.1 per cent or RM1.4 billion y-o-y. It was spearheaded by the higher exports of (E&E) products (+RM1.8 billion, +23.6%) and machinery, equipment & parts (+RM288.4 million, +28.1%).
Exports to ASEAN countries, represented 27.3 per cent of Malaysia’s total exports recorded a value of RM34.8 billion with a growth of 14.2 per cent. This increment was contributed mainly from E&E products as it widened by 22.2 per cent or RM2.5 billion, followed by chemical & chemical products (+RM729.2 million, +32.8%); iron & steel products (+RM536.4 million, +92.7%); crude petroleum (+RM440.5 million, +56.8%); machinery, equipment & parts (+RM257.2 million, +13.2%) and metalliferous ores & metal scrap (+RM198.5 million, +219.3%).
Export Performance for Economic Sectors Exports of manufactured products increased 17.2 per cent or RM15.8 billion in April 2022, accounted for 84.2 per cent of total exports. The main contributor to the expansion was E&E products (+RM10.0 billion, +27.0%) followed by manufacture of metal (+RM2.5 billion, +52.6%); chemical & chemical products (+RM1.8 billion, +33.1%); and palm oil-based manufactured products (+RM1.8 billion, +72.9%). Exports of agriculture products registered a growth of 29.9 per cent or RM2.3 billion, contributed 8.0 per cent in April 2022. The increase was in accordance with higher exports of palm oil & palm oil-based agriculture products, grew by 35.0 per cent from RM5.9 billion to RM8.0 billion. In addition, this performance was also supported by natural rubber (+RM62.6 million, +16.2%); sawn timber & moulding (+RM41.1 million, +11.9%) and seafood, fresh, chilled or frozen (+RM29.7 million, +16.2%).
On Malaysian Imports, DOSM Said that Performance of Imports Malaysia’s import value in April 2022 reaching RM103.9 billion and continued to register a growth of 22.0 per cent or RM18.7 billion. On a m-o-m basis, imports dropped by 0.9 per cent or RM964.4 million.
Based on seasonally adjusted terms m-o-m, imports decreased by 3.3 per cent to RM101.6 billion. On a y-o-y basis, imports by end use registered a positive growth with the increases in the intermediate goods (+28.1%) and consumption goods (+9.7%). However, capital goods decreased by 2.4 per cent.
China and Singapore remained as the two major countries of origin for Malaysia’s imports in April 2022, with a total contribution of 30.8 per cent to total imports.
Imports from China which represented 21.0 per cent of Malaysia’s imports, grew by 8.3 per cent to reach RM21.9 billion. This growth was stimulated by E&E products which increased by 31.3 per cent or RM2.2 billion, chemical & chemical products (+RM675.9 million, +39.6%) and machinery, equipment & parts (+RM136.2 million, +6.6%).
Imports from Singapore was valued at RM10.2 billion, comprised 9.8 per cent of Malaysia’s imports, increased by 21.0 per cent or RM1.8 billion y-o-y. The growth was mainly attributed to higher imports of E&E products (+RM1.3 billion, +60.4%) and petroleum products (+RM486.2 million, +18.4%).
