[UPDATED] External trade performs well despite pandemic, says Miti

KUALA LUMPUR – Malaysia’s external trade performed fairly well despite Covid-19, with exports rebounding in the second half of 2020 compared to the negative growth in the first half of the year, said the International Trade and Industry Ministry.

Minister Datuk Seri Mohamed Azmin Ali said this could be attributed to the progressive opening of the economy and gradual recovery of external demand.

“In fact, exports in December make up the highest monthly value recorded for last year, with exports to China recording a new high in 2020, and a similar momentum reported for the United States, which posted the largest value in the last decade,” he said in a statement today.

Malaysia’s exports in December last year registered a double-digit growth of 10.8% to RM95.74 billion, year-on-year.

This was the highest monthly export recorded last year and the second highest export value ever registered after RM97.12 billion in October 2018.

Expansion in exports to Singapore, China, the US, India, and Hong Kong were recorded.

Total trade in December 2020 expanded by 6.5% to RM170.78 billion from December 2019, while imports increased by 1.6% to RM75.04 billion.

Trade surplus surged by 64.9% to RM20.7 billion and was the highest trade surplus ever recorded for the month of December.

On a month-on-month basis, total trade, exports, imports and trade surplus recorded a double-digit growth of 12.2%, 13.1%, 11%, and 21.4%, respectively.

Azmin said there is a significant export growth to the emerging markets, notably Costa Rica, Kazakhstan, Kenya, Nigeria, Ghana, and Cote d’Ivoire.

Rubber products, electrical and electronics products, as well as palm oil and palm oil-based agriculture products, registered strong export expansion. – Bernama, January 30, 2021