Malaysia’s April trade slows down by 14.55 to RM190 billion according to the latest MATRADE report, exports as down 17.5% to RM105.42 billion while imports were RM92.5 billion down 11%, the country recorded a trade surplus of RM12.85 billion or 45%.
MITI said the performance was similar to other regional countries which recorded negative trade growth for April 2023. Exports totalled RM105.42 billion, which declined by 17.4% and imports decreased by 11.1% to RM92.58 billion.
Compared to March 2023, trade, exports, imports and trade surplus were lower by 14.9%, 18.7%, 10.1%, and 51.9%, respectively.
For the period of January to April 2023, trade decreased marginally by 1.6% to RM842.8 billion compared to the same period of 2022. Exports was down by 2.6% to RM460.02 billion and imports declined by 0.3% to RM382.78 billion. Trade surplus edged down by 12.7% to RM77.24 billion.
Exports of manufactured goods constituted 86.2% or RM90.89 billion of total exports decreased by 15.5% year-on-year, attributing to lower exports of electrical and electronic (E&E) products, manufacturers of metal and chemicals and chemical products said MATRADE. However, exports of petroleum products registered a double-digit increase of 20.8%, sustaining positive growth since May 2022.
Exports of agriculture goods (6.8% share) stood at RM7.21 billion, slipped by 29.2% compared to April 2022 due to lower shipments of palm oil and palm oil-based agriculture products.
Exports of mining goods (6.3% share) totalled RM6.63 billion, a decrease of 28.9% y-o-y on account of lower exports of crude petroleum.
Major exports in April 2023:
E&E products, valued at RM44.18 billion and accounted for 41.9% of total exports, decreased by 6.5% from April 2022; Petroleum products, RM11.52 billion, 10.9% of total exports, increased by 20.8%; Palm oil and palm oil-based agriculture products, RM5.45 billion, 5.2% of total exports, decreased by 32.1%; Chemicals and chemical products, RM4.82 billion, 4.6% of total exports, decreased by 33.2%; and Manufactures of metal, RM4.63 billion, 4.4% of total exports, decreased by 35%.
On a month-on-month (m-o-m) basis, exports of manufactured, mining and agriculture goods were lower by 16.6%, 36.4% and 23.4%, respectively.
For the period of January to April 2023, exports of manufactured goods weakened by 2.3% to RM390 billion compared to the corresponding period last year as a result of lower exports of manufactures of metal, rubber products, chemicals and chemical products as well as palm oil-based manufactured products. However, higher exports of petroleum products, E&E products, paper and pulp products, as well as optical and scientific equipment, offset the impact of the decline.
Exports of mining goods rose by 8.1% to RM36.48 billion boosted by higher exports of liquefied natural gas (LNG). Exports of agriculture goods was valued at RM30.79 billion, decreased by 17.6% following lower exports of palm oil and palm oil-based agriculture products.
Trade Performance with Major Markets
ASEAN – Exports Grew in the First Four Months of 2023
In April 2023, trade with ASEAN represented 26.9% or RM53.28 billion of Malaysia’s total trade, which declined by 12% y-o-y. Exports contracted by 11.4% to RM30.89 billion, weighed down by lower shipments of chemicals and chemical products, crude petroleum as well as E&E products. However, increases in exports were recorded for commodity-based products mainly LNG and petroleum products. Imports from ASEAN dipped by 12.8% to RM22.39 billion.
China – Slower Trade Growth
In April 2023, trade with China which comprised 17.2% or RM34.14 billion of Malaysia’s total trade contracted by 13.1% y-o-y. Exports to China was valued at RM13.92 billion, shrank by 19.9% as a result of lower exports of petroleum products, metalliferous ores and metal scrap, palm oil-based manufactured products, iron and steel as well as chemicals and chemical products.
Trade with China during the period of January to April 2023 edged down by 5.2% to RM142.79 billion compared to the corresponding period of 2022. Exports fell by 11.1% to RM59.92 billion due to lower exports of iron and steel products, petroleum products as well as E&E products. The US – Trade Was Lower in April 2023
Trade with the United States (US) in April 2023 which accounted for 9% of Malaysia’s total trade contracted by 19.5% y-o-y to RM17.82 billion. Exports decreased by 21.5% to RM11.26 billion, owing to lower exports of manufactures of metal, wood products and rubber products. Imports from the US edged down by 15.7% to RM6.56 billion. On a m-o-m basis, trade, exports and imports fell by 19.2%, 22.8% and 12.1%, respectively.
For the period of January to April 2023, trade with the US was lower by 1.7% to RM77.45 billion compared to the same period of 2022. Exports declined marginally by 0.4% to RM50.21 billion following lower exports of wood and rubber products.
