As compared to August 2023, Malaysia’s exports in September 2023 increased by 8.2% to RM124.47 billion, and imports expanded by 2.1% to RM99.95 billion, resulting in a total trade of RM224.43 billion which rose by 5.4%. Trade surplus registered an amazing double-digit growth of 42.7% to RM24.52 billion, making it the 41st consecutive month of trade surplus since May 2020.
However, Matrade noted that compared to September 2022, exports were lower by 13.7% and imports edged down by 11.1% amid slower global demand, uncertainties in commodity prices and high base effect last year. Subsequently, total trade was lower by 12.6%. The performance was similar to Malaysia’s major trading partners notably the Republic of Korea (ROK), China, Taiwan and Indonesia which recorded negative trade growth for September 2023 and drop in their global imports. Trade surplus in September 2023 contracted by 23%, year- on-year (y-o-y)
Trade for the third quarter (Q3) of 2023 increased by 1.6% to RM653.57 billion compared to second quarter (Q2) of 2023. Exports grew by 2.2% to RM356.31 billion, imports expanded by 0.8% to RM297.26 billion and trade surplus rose by 9.6% to RM59.06 billion, respectively.
However, trade, exports, imports and trade surplus declined by 15.7%, 15.2%, 16.3% and 9.1%, respectively compared to the Q3 of 2022.
For the period of January to September 2023, trade contracted by 8.6% to RM1.942 trillion compared to the same period of last year. Exports surpassed the RM1 trillion mark to RM1.060 trillion, declining by 8.4%. Imports edged down by 8.9% to RM882.24 billion and trade surplus was lower by 5.7% to RM177.32 billion.
As for sectors, exports of manufactured goods which represented 86.5% or RM107.7 billion of total exports dipped by 11.8% y-o-y as a result of lower demand for petroleum products, electrical and electronic (E&E) products as well as chemicals and chemical products. However, exports of processed food as well as paper and pulp products registered expansion.
Exports of agriculture goods (6.5% share) decreased by 23.1% to RM8.04 billion compared to September 2022 following lower exports of palm oil and palm oil-based agriculture products that was affected significantly by weaker export prices of palm oil.
Exports of mining goods (6.4% share) eased by 28% y-o-y to RM7.98 billion attributed to lesser exports of liquefied natural gas (LNG) and crude petroleum.
- E&E products, valued at RM54.4 billion and accounted for 43.7% of total exports, decreased by 5.3% compared to September 2022; Petroleum products, RM10.76 billion, 8.6% of total exports, ↓37.9%; Palm oil and palm oil-based agriculture products, RM6.09 billion, 4.9% of total exports, ↓26.5%; Chemicals and chemical products, RM6.07 billion, 4.9% of total exports, ↓12.4%; and Machinery, equipment and parts, RM5.05 billion, 4.1% of total exports, ↓4.6%.
On a month-on-month (m-o-m) basis, exports of manufactured and agriculture goods edged up by 9.6% and 5.8%, respectively while exports of mining goods dropped by 5.5%.
For the period of January to September 2023, exports of manufactured goods fell by 6.7% to RM908.23 billion compared to the same period of 2022 on account of decreased exports of petroleum products, palm oil-based manufactured products and
manufactures of metal. However, strong exports of paper and pulp products as well as processed food cushioned the impact of the decline.
Exports of mining goods shrank by 11.6% to RM76.23 billion owing to lower shipments of LNG, crude petroleum as well as petroleum condensates and other petroleum oil.
Exports of agriculture goods reduced by 25.5% to RM68.84 billion, underpinned by lesser exports of palm oil and palm oil-based agriculture products following the decrease in export prices of palm oil.
