Malaysia’s 2022 trade continued to demonstrate a remarkable performance, trade surpassed RM2 trillion for the second consecutive year and registered the fastest growth since 1994. Exports reached RM1.552 trillion, exceeding the Twelfth Malaysia Plan projection for 2025 by 24%, three years ahead of the target. Meanwhile, imports posted another milestone by surpassing RM1 trillion mark for the first time. Trade surplus was posted for 25th consecutive year since 1998.
In terms of markets, exports to major trading partners notably ASEAN, China, the United States (US), the European Union (EU) and Japan registered a new record high. Significant export growth was also recorded to emerging markets notably Egypt, Sri Lanka, Mozambique, Papua New Guinea, Togo, Djibouti and Afghanistan. Similarly, exports to Free Trade Agreement (FTA) partners registered the highest value thus far. Meanwhile, exports to markets under the Regional Comprehensive Economic Partnership (RCEP) agreement, which came into force last year, posted double-digit expansion.
Exports of manufactured, agriculture and mining sectors registered an all-time high with double-digit growth. This resilient growth was driven by robust exports of electrical and electronic (E&E) products, petroleum products, liquefied natural gas
(LNG), palm oil and palm oil-based agriculture products, crude petroleum as well as machinery, equipment and parts with each product recording more than RM10 billion increase with double-digit growth. All these products also posted the highest export value ever except crude petroleum.
Malaysia’s solid trade performance was in line with countries in the region notably Taiwan and the Republic of Korea (ROK) following steady global demand.
MITI Minister Tengku Zafrul said despite the challenging global landscape, the Ministry will continue to enhance the promotion of international trade and exports to reinforce business resilience and sustain economic growth momentum.
