Malaysia's trade keeps growth momentum, first 10 months of 2022 beats same period in 2021
17/11/2022 (News Straits Times) - Malaysia has maintained its growth momentum with trade, exports and imports registering the highest monthly value for the month of October.
Trade expanded 21.1 per cent to RM245.18 billion from October 2021 and was the 21st consecutive month of double-digit growth, according to the International Trade and Industry Ministry.
The country's exports rose 15 per cent to RM131.63 billion, the 15th consecutive month of year-on-year (y-o-y) expansion.
Imports was higher by 29.2 per cent to RM113.54 billion while trade surplus decreased by 32 per cent to RM18.09 billion.
"The export growth was boosted mainly by higher shipments of petroleum products, electrical and electronic (E&E) products, liquefied natural gas (LNG) as well as crude petroleum.
"Exports of LNG registered the highest monthly value thus far," the ministry said in a statement today.
Exports to major trading partners notably Asean, China, the United States, the European Union and Japan are growing.
On a month-on-month (m-o-m) basis, imports grew by one per cent while trade, exports and trade surplus contracted by 4.5 per cent, 8.7 per cent and 43.2 per cent respectively.
For the first 10 months of 2022, trade, exports and imports surpassed the value which was recorded in 2021.
Trade expanded 31.6 per cent to RM2.375 trillion compared to the same period of 2021 and exports increased 28.5 per cent to RM1.29 trillion.
Imports exceeded RM1 trillion mark for the first time, rising 35.4 per cent to RM1.085 trillion, while trade surplus grew 1.3 per cent to RM205.61 billion.
The ministry said exports of manufactured goods in October 2022 which accounted for 84.5 per cent of total exports rose 12.6 per cent y-o-y to RM111.18 billion.
Petroleum products and E&E products respectively posted more than RM1 billion increase in exports.
Exports of mining goods (8.5 per cent share) surged by 85.9 per cent y-o-y to RM11.22 billion, the highest monthly value thus far and was the 19th straight month of double-digit expansion.
The increase was mainly due to higher exports of LNG and crude petroleum.
Exports of agriculture goods (6.5 per cent share) contracted by seven per cent to RM8.6 billion compared to October 2021 on account of lower exports of palm oil and palm oil-based agriculture products as well as natural rubber.
Other highlights of major exports in October 2022:
• E&E products, valued at RM50.01 billion and accounted for 38 per cent of total exports, increased by 19 per cent from October 2021;
• Petroleum products, RM18.15 billion, 13.8 per cent of total exports, surged by 80.9 per cent;
• LNG, RM7.26 billion, 5.5 per cent of total exports, surged by 127.8 per cent;
• Chemicals and chemical products, RM6.63 billion, 5.0 per cent of total exports, increased by 0.3 per cent; and
• Palm oil and palm oil-based agriculture products, RM6.59 billion, 5. 0 per cent of total exports, decreased by 10.4 per cent.