Malaysia’s trade in 2022 surpassed RM2 trillion for the second consecutive year and registered the fastest growth since 1994 with a double-digit growth of 27.6 per cent to RM2.8 trillion, year-on-year (y-o-y).
The Department of Statistics Malaysia (DOSM) in its report entitled ‘Malaysia Final External Trade Statistics 2023’ for reference year 2022, release today (July 31) stated driven by high external demand factors as well as strong commodity prices, Malaysia’s total trade recorded a growth of 27.6 per cent in 2022, increasing from RM2.2 trillion in the previous year to RM2.8 trillion.
In line with the performance of trade, exports and imports also grew by double- digit, 24.9 per cent and 31.0 per cent respectively. Exports increased to RM1.6 trillion, while imports reached a new high value of RM1.3 trillion.
The growth in export and import in 2022 surpassed the official growth projections of 1.5 per cent and 1.7 per cent respectively as reported in the Economic Outlook 2022 by the Ministry of Finance.
Malaysia’s trade surplus increased 1.0 per cent from RM253.7 billion in the preceding year to RM256.2 billion, the highest trade surplus ever recorded. This was the 25thconsecutive year of trade surplus since 1998.
Chief Statistician Malaysia, Dato’ Sri Dr. Mohd Uzir Mahidin said, “Malaysia’s trade performance maintained its growth momentum in 2022 with exports, imports and trade surplus soaring to a new high. This outstanding performance was boosted by higher external demand and strong commodity prices. Exports surged by 24.9 per cent from RM1.2 trillion in the preceding year to RM1.6 trillion. The export expansion was underpinned by sturdy performances in both domestic exports and re-exports. Domestic exports again hit the one trillion mark in 2022, expanded by 20.8 per cent to RM1.2 trillion, y-o-y and contributed 78.8 per cent to total exports. On the same note, re-exports with a value of RM328.0 billion, posted a double-digit growth of 43.2 per cent as compared to 2021.
“Consistent with the export performance, imports achieved another milestone by surpassing RM1 trillion mark for the first time with double-digit growth of 31.0 per cent, yo-y. Meanwhile, trade surplus increased by 1.0 per cent to RM256.2 billion, representing 25th consecutive year of trade surplus since 1998”.
In conjunction with the annual growth, 204 out of 258 commodity groups in exports showed increases as compared to the previous year and led by refined petroleum products. As for imports, 215 of 260 commodity groups posted positive growths.
He explained that the rise in exports was in accordance mainly with the higher exports to Singapore with a growth of 33.6 per cent or RM58.5 billion following robust exports of electrical & electronic (E&E) products, petroleum products and machinery, equipment & parts. It was followed by the United States (+RM25.0 billion), Japan (+RM22.8 billion), the European Union (+RM22.3 billion), Hong Kong (+RM19.0 billion), China (+RM18.1 billion) and the Republic of Korea (+RM16.7 billion), as a result of growing exports of E&E products and liquefied natural gas.
In addition, the increase in imports was driven by higher imports from China with an increased value of RM46.8 billion, attributable to higher imports of E&E products and chemical & chemical products. It was followed by Singapore (+RM41.4 billion, petroleum products), Taiwan (+RM30.8 billion) and the United States (+RM25.7 billion), supported by growth in imports of E&E products.
Meanwhile, imports from Saudi Arabia increased by 205.2 per cent or RM25.7 billion contributed by the increase in imports of crude petroleum products.
Commenting further on exports, manufacturing, agriculture and mining sectors registered a double-digit growth to an all-time high. This resilient growth was led by E&E products (+RM137.0 billion); petroleum products (+RM65.0 billion); liquefied natural gas (+RM29.8 billion); palm oil & palm oil-based agricultural products (+RM20.8 billion); crude petroleum (+RM13.5 billion) as well as machinery, equipment & parts (+RM10.5 billion).
Meanwhile, a significant increase in imports was recorded for E&E products (+RM78.9 billion); petroleum products (+RM56.1 billion); crude petroleum (+RM38.8 billion); machinery, equipment & parts (+RM20.7 billion); chemical & chemical products (+RM19.0 billion) and transport equipment (+RM17.3 billion).
On the same note, the expansion in imports by End Use sustained with higher demand for intermediate goods, capital goods and consumption goods. Imports of intermediate goods, worth RM706.6 billion (54.6% of total imports), increased by 29.5 percent, driven by higher imports of fuel & lubricants, primary.
Capital goods, which was valued at RM120.2 billion (9.3% of total imports), increased by 15.8 percent, mainly attributable to increased imports of capital goods (except transport equipment).
Meanwhile, imports of consumption goods (8.0% of total imports) registered an increase of 24.0 percent to RM104.0 billion, as a result of higher imports of processed food & beverages, mainly for household consumption.
Despite the challenging global economic landscape, Malaysia’s trade performance in 2022 was in line with regional countries notably Taiwan, Thailand and the Republic of Korea, following steady global demand.for reference year 2022.
The report presents the finalised Malaysia’s trade performance vis-a-vis trading partners in terms of volume and value of merchandise goods by detailed classification of commodity, respectively.
Mohd Uzir Mahidin added, “Malaysia’s trade performance maintained its growth momentum in 2022 with exports, imports and trade surplus soaring to a new high. This outstanding performance was boosted by higher external demand and strong commodity prices. Exports surged by 24.9 per cent from RM1.2 trillion in the preceding year to RM1.6 trillion. The export expansion was underpinned by sturdy performances in both domestic exports and re-exports. Domestic exports again hit the one trillion mark in 2022, expanded by 20.8 per cent to RM1.2 trillion, y-o-y and contributed 78.8 per cent to total exports. On the same note, re-exports with a value of RM328.0 billion, posted a double-digit growth of 43.2 per cent as compared to
2021.
Consistent with the export performance, imports achieved another milestone by surpassing RM1 trillion mark for the first time with double-digit growth of 31.0 per cent, y-o-y.
Meanwhile, trade surplus increased by 1.0 per cent to RM256.2 billion, representing 25th consecutive year of trade surplus since 1998”.
In conjunction with the annual growth, 204 out of 258 commodity groups in exports showed increases as compared to the previous year and led by refined petroleum products.
As for imports, 215 of 260 commodity groups posted positive growths. The rise in exports was in accordance mainly with the higher exports to Singapore with a growth of 33.6 per cent or RM58.5 billion following robust exports of electrical & electronic (E&E) products, petroleum products and machinery, equipment & parts. It was followed by the United States (+RM25.0 billion), Japan (+RM22.8 billion), the European Union (+RM22.3 billion), Hong Kong (+RM19.0 billion), China (+RM18.1 billion) and the Republic of Korea (+RM16.7 billion), as a result of growing exports of E&E products and liquefied natural gas.
In addition, the increase in imports was driven by higher imports from China with an increased value of RM46.8 billion, attributable to higher imports of E&E products and chemical & chemical products. It was followed by Singapore (+RM41.4 billion, petroleum products), Taiwan (+RM30.8 billion) and the United States (+RM25.7 billion), supported by growth in imports of E&E products. Meanwhile, imports from Saudi Arabia increased by 205.2 per cent or RM25.7 billion contributed by the increase in imports of crude petroleum products.
Commenting further on exports, manufacturing, agriculture and mining sectors registered a double-digit growth to an all-time high. This resilient growth was led by E&E products (+RM137.0 billion); petroleum products (+RM65.0 billion); liquefied natural gas (+RM29.8 billion); palm oil & palm oil-based agricultural products (+RM20.8 billion); crude petroleum (+RM13.5 billion) as well as machinery, equipment & parts (+RM10.5 billion).
Meanwhile, a significant increase in imports was recorded for E&E products (+RM78.9 billion); petroleum products (+RM56.1 billion); crude petroleum (+RM38.8 billion); machinery, equipment & parts (+RM20.7 billion); chemical & chemical products (+RM19.0 billion) and transport equipment (+RM17.3 billion).
On the same note, the expansion in imports by End Use sustained with higher demand for intermediate goods, capital goods and consumption goods. Imports of intermediate goods, worth RM706.6 billion (54.6% of total imports), increased by 29.5 percent, driven by higher imports of fuel & lubricants, primary. Capital goods, which was valued at RM120.2 billion (9.3% of total imports), increased by 15.8 percent, mainly attributable to increased imports of capital goods (except transport equipment).
Imports of consumption goods (8.0% of total imports) registered an increase of 24.0 percent to RM104.0 billion, as a result of higher imports of processed food & beverages, mainly for household consumption.
Despite the challenging global economic landscape, Malaysia’s trade performance in 2022 was in line with regional countries notably Taiwan, Thailand and the Republic of Korea, following steady global demand.
