Malaysia’s total trade grew at 15.6 per cent in November 2022, with the amount of RM238.2 billion as compared to RM206.1 billion in the same month of preceding year. Exports and imports increased 15.6 per cent reaching RM130.2 billion and RM107.9 billion, respectively.
The Department of Statistics Malaysia (DOSM), in its reported dubbed ‘Malaysia External Trade Indices, November 2022’ relased on Dec 28 stated the trade balance remained in surplus with a value of RM22.3 billion to record a growth of 15.6 per cent. In comparison to October 2022, exports, imports and total trade showed a downward performance.
Exports declined 1.0 per cent, imports (-4.9%) while total trade (-2.8%). On the other hand, trade balance rebounded to 23.5 per cent. For the period of January to November 2022, the performance of total trade, exports and imports remained resilient with double-digit growth. Total trade went up by 29.9 per cent, underpinned by the expansion in both exports (+27.2%) and imports (+33.3%) while trade surplus rose moderately by 2.6 per cent.
Exports Performance
Malaysia’s export value in November 2022 stood at RM130.2 billion, increased 15.6 per cent as compared to November 2021, spearheaded by both domestic exports and re-exports. Domestic export value was RM104.1 billion, lifted 10.5 per cent and continuously dominated total exports with 79.9 per cent. In addition, re-exports grew by 41.8 per cent year-on-year (y-o-y) and valued at RM26.2 billion. Meanwhile, for monthly comparison, exports declined 1.0 per cent or RM1.3 billion.
Analysis of the seasonally adjusted terms month-on-month (m-o-m), exports rose by 8.5 per cent or RM10.4 billion to reach RM132.7 billion.
Singapore and China were the major countries of destination in November 2022 with a total contribution of 31.4 per cent to Malaysia’s exports.
Exports to Singapore represented 16.9 per cent of total exports with a value of RM22.0 billion, registering an increase of 36.3 per cent or RM5.9 billion, y-o-y. The growth was mainly supported by higher exports in electrical & electronic (E&E) products (+RM3.8 billion, +49.9%), petroleum products (+RM1.3 billion, +55.0%) and optical & scientific equipment (+RM151.3 million, +25.0%).
Meanwhile, China was the second top country of destination in November 2022, with a value of RM18.9 billion and accounted for 14.5 per cent of Malaysia’s total exports, grew by 9.2 per cent or RM1.6 billion y-o-y. It was spearheaded by the higher exports of E&E products (+RM2.6 billion, +55.9); liquified natural gas (LNG) (+RM451.5 million, +36.5%) and chemical & chemical products (+RM181.4 million, +10.9%).
Out of ten major countries of destination, exports to three countries recorded higher value change compared to the same period last year.
Imports Performance
Malaysia’s import value in November 2022 steadily increased by 15.6 per cent or RM14.5 billion, reaching RM107.9 billion. On a m-o-m basis, imports decreased 4.9 per cent or RM5.6 billion.
Based on seasonally adjusted terms m-o-m, imports decreased by 5.6 per cent to RM104.6 billion. On a y-o-y basis, imports by end use registered a positive growth with the increases in the intermediate goods (+8.2%), capital goods (+3.2%) and consumption goods (+23.6%).
China and Singapore remained as the two major countries of origin for Malaysia’s imports in November 2022, with a total contribution of 32.6 per cent to total imports.
Imports from China which represented 22.5 per cent of Malaysia’s imports, grew by 17.1 per cent to reach RM24.3 billion. This growth was stimulated by E&E products which increased by 19.9 per cent or RM1.8 billion, petroleum products (+RM866.7 million, +174.7%), machinery equipment & parts (+RM403.8 million, +18.5%) and chemical & chemical products (+RM208.6 million, +9.6%).
Imports from Singapore was valued at RM10.9 billion, comprised 10.1 per cent of Malaysia’s imports, increased by 16.3 per cent or RM1.5 billion y-o-y. The growth was mainly attributed to higher imports of petroleum products (+RM1.2 billion, +38.8%) and E&E products (+RM622.6 million, +23.9%).
Out of ten countries, imports from Australia recorded outstanding increase in value change compared to same period of previous year.
Terms of trade
Malaysia’s terms of trade showed a negative performance in November 2022, fell by 0.7 per cent month-on-month to 111.6 points as accordance to the declining in the index of animal & vegetable oils & fats (-6.5%), mineral fuels (-3.2%) and inedible crude materials (-0.9%). Malaysia’s terms of trade maintained a positive growth of 4.3 per cent year-on-year from 107.0 points in November of previous year.
