Malaysia’s trade performance in June 2022 increased by 43.4% to RM270.39 billion compared to June 2021, the 17th consecutive month of double-digit growth. Exports recorded the 11th consecutive month of double-digit expansion, registering a strong growth of 38.8% to RM146.16 billion. Imports rose by 49.3% to RM124.23 billion while the trade surplus declined marginally by 0.8% to RM21.93 billion.
In a statement by the Ministry Of Internal Trade And Industry, it said that the export growth was contributed by strong demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG) as well as palm oil and palm oil-based agriculture products. Exports to most major trading partners notably ASEAN, the United States (US), the European Union (EU) and Japan recorded double-digit growth. The highest monthly export value was registered to ASEAN, the US, and the EU.
On a month-on-month (m-o-m) basis, trade, exports, imports and trade surplus expanded by 18.4%, 21.3%, 15.2% and 72.7%, respectively. Trade for the second quarter (Q2) of 2022 grew by 32.7% to RM730.36 billion, compared to Q2 2021. Exports climbed by 30.0% to RM394.24 billion and imports increased by 36.1% to RM336.13 billion. This was the highest quarterly value for trade, exports and imports. Trade surplus edged up by 3.2% to RM58.11 billion.
Compared to the first quarter (Q1) 2022, trade, exports and imports rose by 16.9%, 14.3%, and 20.1%, respectively while trade surplus contracted by 10.6%. For the first half (H1) of 2022, trade was up by 28.2% to RM1.355 trillion from the same period last year. Exports increased by 26.1% to RM739.13 billion and imports grew by 30.9% to RM616.00 billion. Trade surplus climbed by 6.7% to RM123.13 billion. This was the highest half-year value recorded for trade, exports, imports, and trade surplus.
In exports in June 2022, exports manufactured and agricultural goods recorded strong double-digit growth compared to the same month last year. Exports of manufactured goods reached their highest monthly value at RM122.07 billion or 83.5% of total exports, increased by 33.8% year-on-year (y-o-y), and was the 11th consecutive month of double-digit growth.
Exports of manufactured goods reached their highest monthly value at RM122.07 billion or 83.5% of total exports, increased by 33.8% year-on-year (y-o-y), and was the 11th consecutive month of double-digit growth.
Export products that expanded more than RM1 billion were seen for E&E products, petroleum products, machinery, equipment and parts, manufacturers of metal as well as optical and scientific equipment.
Exports of agriculture goods (8.8% share) rose by 46.8% y-o-y to RM12.93 billion, the highest monthly value. The increase was driven mainly by higher exports of palm oil and palm oil-based agriculture products.
On trade performance, it said that in June 2022, trade with ASEAN surged by 65.5% y-o-y to RM74.00 billion, accounted for 27.4% of Malaysia’s total trade. Exports to major markets in ASEAN that recorded expansion were Singapore which rose by RM8.99 billion due to higher exports of E&E products, Thailand (↑RM1.12 billion, LNG), Indonesia (↑RM2.27 billion, petroleum products), Viet Nam (↑RM623.7 million, crude petroleum) and the Philippines (↑RM572.4 million, petroleum products).
On trade with China, it said that in June 2022, trade with China which made up 16.5% of Malaysia’s total trade grew by 17.3% y-o-y to RM44.52 billion, the 19th successive month of double-digit growth. Trade with China during the first six months of 2022 edged up by 16.4% to RM232.30 billion compared to the same period of 2021.
Trade with the US in June 2022 grew by 35.4% y-o-y to RM25.91 billion, comprising 9.6% of Malaysia’s total trade. Exports recorded the fourth successive month of double-digit growth, expanding by 30.6% to RM16.86 billion and was the highest value registered. The increase was attributed mainly to higher exports of E&E products. Imports from the US climbed by 45.6% to RM9.05 billion.
