MARKET DEVELOPMENT
Malaysia's trade beats record highest 2018 in just 10 months of 2021
Malaysia's trade beats record highest 2018 in just 10 months of 2021
29.11.2021 (www.nst.com.my) - KUALA LUMPUR: Malaysia's trade expanded 26.5 per cent to RM202.61 billion last month compared to October 2020, breaching RM200 billion mark for the first time and was the ninth consecutive month of double-digit growth since February 2021.
Exports rose 25.5 per cent to RM114.43 billion, the 14th consecutive month of year-on-year (Y-o-Y) expansion since September 2020.
Imports was higher by 27.9 per cent to RM88.18 billion and trade surplus increased by 17.9 per cent to RM26.25 billion.
For the first 10 months of 2021, trade expanded 23.5 per cent to RM1.80 trillion from the same period last year, Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said.
Azmin said exports surpassed RM1 trillion in just 10 months, increasing by 25 per cent to RM1.004 trillion and exceeded overall exports in 2020.
Exports even surpassed the highest annual value ever recorded in 2018, he added.
Export growth was boosted mainly by higher shipments of petroleum products, manufactures of metal, electrical and electronic (E&E) products, chemicals and chemical products as well as palm oil and palm oil-based agriculture products.
"Exports of manufactures of metal and E&E products registered the highest monthly value thus far," Azmin said in a statement today.
He said exports to major markets notably Asean, China, the US, the European Union (EU) and Japan recorded double-digit growth with exports to Asean registering the highest monthly value.
On a month-on-month (M-o-M) basis, trade, exports, imports and trade surplus grew 3.6 per cent, 3.2 per cent, 4.1 per cent and 0.5 per cent respectively.
Imports rose 21.8 per cent to RM801.17 billion and trade surplus surged by 39.2 per cent to RM202.58 billion during the first 10 months.
"Trade, exports, imports and trade surplus registered the highest value for the period," he said.
Azmin said major exports in October 2021 were E&E products which were valued at RM42.01 billion, an increase of 8.8 per cent from October 2020, and accounted for 36.7 per cent of total exports.
This followed by petroleum products valued at RM9.88 billion, a surge of 126 per cent from October 2020, accounting for 8.6 per cent of total exports and manufactures of metal worth RM7.78 billion, a rise of 146.9 per cent Y-o-Y, and constituting 6.8 per cent of total exports.
Exports of palm oil and palm oil-based agriculture products grew 34.6 per cent to RM7.36 billion, making up 6.4 per cent of total export, while chemicals and chemical products exports jumped 58.9 per cent to RM6.61 billion, accounting for 5.8 per cent of total exports.
https://www.nst.com.my/business/2021/11/749795/malaysias-trade-beats-record-highest-2018-just-10-months-2021