Malaysia’s trade performance maintained its growth momentum in October 2022 with trade, exports, and imports registering the highest monthly value for the month of October. Trade expanded by 21.1% to RM245.18 billion compared to October 2021 and was the 21st consecutive month of double-digit growth. Exports rose by 15% to RM131.63 billion, the 15th consecutive month of year-on-year expansion. Imports was higher by 29.2% to RM113.54 billion while trade surplus decreased by 32% to RM18.09 billion.
The export growth was boosted mainly by higher shipments of petroleum products, electrical and electronic (E&E) products, liquefied natural gas (LNG) as well as crude petroleum. Exports of LNG registered the highest monthly value thus far. Meanwhile, exports to major trading partners notably ASEAN, China, the United States (US), the European Union (EU), and Japan recorded growth.
On a month-on-month basis, imports grew by 1% while trade, exports, and trade surplus contracted by 4.5%, 8.7%, and 43.2%, respectively.
For the first 10 months of 2022, trade, exports and imports surpassed the value which was recorded in the year 2021. Trade expanded by 31.6% to RM2.375 trillion compared to the same period of 2021 and exports increased by 28.5% to RM1.29 trillion. Imports exceeded RM1 trillion mark for the first time, rose by 35.4% to RM1.085 trillion and the trade surplus grew by 1.3% to RM205.61 billion.
Exports of manufactured goods in October 2022 which accounted for 84.5% of total exports rose by 12.6% y-o-y to RM111.18 billion. Petroleum products and E&E products respectively posted more than RM1 billion increase in exports. Exports of mining goods (8.5% share) surged by 85.9% y-o-y to RM11.22 billion, the highest monthly value thus far, and was the 19th straight month of double-digit expansion. The increase was mainly due to higher exports of LNG and crude petroleum.
Exports of agriculture goods (6.5% share) contracted by 7% to RM8.6 billion compared to October 2021 on account of lower exports of palm oil and palm oil-based agriculture products as well as natural rubber.
As for major exports, E&E products, valued at RM50.01 billion and accounted for 38% of total exports was an increase of 19% from October 2021. Petroleum products were at RM18.15 billion representing 13.8% of total exports which surged by 80.9%. LNG which was at RM7.26 billion is 5.5% of total exports, which also surged by 127.8%, while chemicals and chemical products were RM6.63 billion representing 5% of total exports an increase of 0.3%. Palm oil and palm oil-based agriculture products- RM6.59 billion, 5% of total exports, a decrease of 10.4%.
Compared to September 2022, exports of mining goods rose by 1.1% while exports of manufactured and agriculture goods contracted by 9% and 17.8%.
For the period of January to October 2022, almost all products recorded export growth. Exports of manufactured goods breached overall value registered in 2021, expanding by 25.3% to RM1.087 trillion compared to the same period last year. This was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, palm oil-based manufactured products as well as chemicals and chemical products.
Exports of agriculture goods rose by 31.1% to RM101.01 billion, exceeding overall value posted last year. The growth was driven by higher exports of palm oil and palm oil- based agriculture products. While mining goods soared by 73.2% to RM96.91 billion and superseded overall value recorded last year. The expansion was boosted by higher exports of LNG and crude petroleum.
ASEAN, China, and US remain Malaysia’s major trading partners constituting around 55% of total trade.