Trade Expands 15.6% For November To RM238.17 Billion, Record Surplus Registered

Malaysia’s trade continued its stellar performance and maintained an upward trajectory in November 2022 with trade, exports, imports, and trade surplus registering the highest monthly value for the month of November. Trade expanded by 15.6% to RM238.17 billion compared to November 2021, the 22nd consecutive month of year-on-year double-digit expansion.

According to the Ministry of Internation Trade and Industry, exports rose by 15.6% to RM130.24 billion, the 16th successive month of double-digit growth. Imports were higher by 15.6% to RM107.93 billion and the trade surplus increased by 15.6% to RM22.3 billion. The export expansion was underpinned by strong exports of electrical and electronic (E&E) products, liquefied natural gas (LNG), petroleum products as well as crude petroleum. Meanwhile, exports to major trading partners notably ASEAN, the United States (US), the European Union (EU), and Japan recorded double-digit growth. Compared to October 2022, the trade surplus rose by 23.5% while trade, exports, and imports contracted by 2.8%, 1%, and 4.9%, respectively.

For the period of January to November 2022, trade expanded by 29.9% to RM2.613 trillion compared to the same period last year. Exports increased by 27.2% to RM1.42 trillion. Imports rose by 33.3% to RM1.193 trillion and the trade surplus edged up to RM227.89 billion. Trade, exports, imports, and trade surplus registered the highest value for the period.

Notably, exports of mining goods soared by 62.6% y-o-y to RM10.43 billion, the 20th successive month of double-digit growth led by higher exports of LNG and crude petroleum while exports of agriculture goods declined by 11.1% to RM8.87 billion compared to November 2021 due to lower exports of palm oil and palm oil-based agriculture products.

E&E products remain the driving force for the country’s economy, trade was valued at RM53.16 billion and accounted for 40.8% of total exports this was an increase of 32.1% from November 2021. This was followed by Petroleum products, which recorded RM12.33 billion constituting 9.5% of total exports and an increase of 26.4%. Chemicals and chemical products, RM7.16 billion, 5.5% of total exports, increased by 9.9%.

However, Palm oil and palm oil-based agriculture products delivered RM6.81 billion or 5.2% of total exports which was a decreased by 14%.

Previous articleProperty Sector To Weather Challenges Through 2023: Knight Frank
Next articleDismal Data Outcome From The US


Please enter your comment!
Please enter your name here