Malaysia’s Total Trade in June 2022 Increases 43.4% To RM270.4 Billion

Malaysia’s total trade continued its strong performance in June 2022, with a value of RM270.4 billion and subsequently recorded a growth of 43.4 per cent from RM188.5 billion in the same period of the preceding year, the Department of Statistics Malaysia said.

It said that exports and imports reached a new high value of RM146.2 billion and RM124.2 billion, respectively. In terms of growth, exports expanded 38.8 per cent while imports surged 49.3 per cent. Trade surplus amounted to RM21.9 billion, which decreased 0.8 per cent as compared to June 2021.

From a monthly comparison perspective, trade surplus posted an outstanding performance of 72.7 per cent. Exports grew 21.3 per cent, while total trade 18.4 per cent and imports 15.2 per cent.

For the first half of 2022, DOSM said that total trade, exports and imports remained double-digit growth momentums. Total trade expanded 28.2 per cent, supported by the increases in exports (+26.1%) and imports (+30.9%). Meanwhile, trade surplus rose by 6.7 per cent.

It said that Malaysia’s exports remained strong with a new high value of RM146.2 billion, went up by 38.8 per cent in June 2022.

DOSM said that the performance was driven by increases in domestic exports 30.6 per cent and accelerated growth of re-exports with 72.2 per cent. Singapore and China were the major country of destinations in June 2022 with a total contribution of 27.3 per cent to Malaysia’s exports.

Exports with ASEAN constituted 28.5 per cent of Malaysia’s total exports in June 2022, expanded by 55.2 per cent from RM26.8 billion in the same period of the preceding year to RM41.6 billion.

Exports of manufactured products were the main catalyst to Malaysia’s total exports with a share of 83.5 per cent. It logged an expansion of 33.8 per cent to RM122.1 billion.

On export of products, DOSM said that E&E products (35.8% of total exports), grew by 40.9 per cent (+RM15.2 billion) to RM52.3 billion; Refined petroleum products, which accounted for 12.7 per cent of total exports, expanded by RM10.7 billion (+133.7%) to RM18.6 billion in line with the increase in average unit value (+61.0%) and export volume (+45.1%);

On imports, DOSM said that Malaysia’s imports reached an all-time high value at RM124.2 billion and thus grew strong at 49.3 per cent as compared to the same period in 2021. In comparison to May 2022, imports increased 15.2 per cent (+RM16.4 billion). Referring to seasonally adjusted terms m-o-m, imports rose 19.2 per cent to RM129.1 billion. China and Singapore were the two main countries of origin for Malaysia’s imports in June 2022, with a total contribution of 33.0 per cent to total imports.

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