MARKET DEVELOPMENT
Malaysia's trade for 1H of 2021 rises 26 pct YoY to RM1.10 trillion
Malaysia's trade for 1H of 2021 rises 26 pct YoY to RM1.10 trillion
New Straits Times (28/07/2021) - KUALA LUMPUR: Malaysia's trade performance in June 2021 increased by 29.3 per cent year-on-year (YoY) to RM188.70 billion from RM145.90 billion recorded in the previous year.
Imports increased 32.1 per cent to RM83.23 billion from RM62.99 billion while exports rose 27.2 per cent YoY to RM105.47 million from RM82.91 billion, said Malaysia External Trade Development Corp (Matrade).
In a statement today, Matrade said Malaysia's exports recorded the 10th consecutive month of YoY expansion since September 2020 and were also the third time exports exceeded RM100 billion.
For June 2021, Malaysia's trade surplus expanded by 11.7 per cent to RM22.24 billion from RM19.91 billion posted in the same month in 2020.
According to Matrade, Malaysia's trade, exports, and imports recorded the second-highest monthly value thus far after April 2021, the highest monthly value for June and double-digit growth for five successive months.
Export growth was contributed by strong demand for petroleum products, electrical and electronic (E&E) products, mainly electronic integrated circuits used in the production of smartphones, cars, computers and home appliances, and rubber products.
Exports to all major markets, namely Asean, China, the United States (US), the European Union (EU) and Japan, recorded double-digit expansion.
In June 2021, exports of all three sectors recorded strong double-digit growth compared to the same month last year.
Exports of manufactured goods accounted for 86.6 per cent of total exports, increased by 25.8 per cent YoY to RM91.3 billion and is the seventh consecutive month of double-digit growth.
Export that expanded more than RM1 billion is mainly petroleum products, E&E products, rubber products, chemicals and chemical products, palm oil-based manufactured products, as well as manufactures of metal.
Further, exports of agriculture goods grew by 40 per cent to RM8.81 billion compared to June 2020, driven mainly by higher exports of palm oil and palm oil-based agriculture products.
Mining goods export rose by 32.9 per cent YoY to RM4.96 billion, registering double-digit growth for three straight months.
The expansion was underpinned by higher exports of crude petroleum and liquefied natural gas (LNG).
Major exports in June 2021 included E&E products (RM37.16 billion), petroleum products (RM9.59 billion), rubber products (RM7.26 billion), palm oil and palm oil-based agriculture products (RM7.07 billion) and chemicals and chemical products (RM6.62 billion).
For the first half of 2021, Malaysia's total trade grew 26 per cent YoY to RM1.10 trillion.
Of the total, exports rose by 30.2 per cent to RM585.56 billion, and imports increased by 21.1 per cent to RM470.53 billion.
Matrade said this is the highest half-year value recorded for trade, exports and imports, while trade surplus surged by 87.7 per cent to RM115.04 billion.
Exports of manufactured goods grew by 32.6 per cent YoY to RM509.33 billion, supported by higher exports of E&E products, rubber products, manufactures of metal, petroleum products, and chemicals and chemical products.
Exports of agriculture goods rose by 33.3 per cent YoY to RM42.32 billion, buoyed by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods totalled RM31.65 billion, eased by 0.4 per cent on the back of lower exports of LNG.
In June 2021, trade with ASEAN rose 25.8 per cent YoY to RM44.98 billion, accounted for 23.8 per cent of Malaysia's total trade.
Exports sustained double-digit growth since February 2021, increasing by 22.7 per cent to RM27.05 billion.
It added that the expansion was contributed by higher exports of chemicals and chemical products and petroleum products, while imports from Asean expanded by 30.8 per cent to RM17.93 billion.
Meanwhile, trade with the EU which made up 8.4 per cent of Malaysia's total trade in June 2021, expanded by 31.5 per cent YoY to RM15.83 billion.
Exports recorded seven straight months of double-digit growth, increased by 24.1 per cent to RM8.99 billion driven by higher exports of rubber products, palm oil-based manufactured products, E&E products, as well as palm oil and palm oil-based agriculture products.
Imports from the EU edged up by 42.6 per cent to RM6.84 billion, said Matrade.