KUALA LUMPUR – Malaysia’s trade continued its positive growth momentum in February 2021, recording a 15.4% growth to RM157.27 billion compared to the same month last year, said the International Trade and Industry Ministry (Miti) today.
In a statement, Miti said exports accelerated by 17.6% to RM87.57 billion and imports rose by 12.7% to RM69.7 billion, resulting in a trade surplus surging by 41.6% to RM17.86 billion in February 2021.
The ministry said exports recorded the fastest growth since October 2018, supported by increase in global demand notably for electrical and electronic (E&E) products – mainly semiconductor, rubber products, as well as commodity-based products, particularly petroleum products and palm oil.
Higher exports were from most major markets namely the Association of Southeast Asian Nations (Asean), China, the US, the European Union (EU), Japan, and Hong Kong.
Compared to January 2021, trade surplus increased by 7.6%.
However, total trade, exports and imports were lower by 3.3%, 2.3% and 4.5%, respectively.
“For January-February 2021, exports recorded a double-digit growth of 11.7% to RM177.19 billion compared with the same period of 2020, while imports rose by 6.6% to RM142.73 billion.
“Total trade expanded by 9.4% to RM319.92 billion and trade surplus surged by 39.8% to RM34.47 billion,” it said.
It said exports of manufactured goods in February 2021, which contributed 86.6% to total exports, recorded a growth of 20.1% year-on-year (y-o-y) to RM75.83 billion, mainly due to higher exports of E&E products, rubber products and petroleum products.
The higher demand of semiconductors for smart devices, 5G network and automotive industry as the global economic activities continued to recover, contributed to the stronger performance.
The E&E products, valued at RM31.22 billion, constituted 35.7% of total exports, an increase by 24.4% from February 2020, rubber products (RM6.68 billion) which accounted for 7.6% of total exports, surged by 188.7%, while petroleum products (RM6.68 billion) which made up 7.6% of total exports, increased by 32.1%, it said.
Meanwhile, exports of agriculture goods (6.5% share) rose by 9.7% to RM5.69 billion compared to February last year, buoyed mainly by higher shipments of palm oil and palm oil-based agriculture products.
Exports of mining goods (5.9% share) saw a y-o-y contraction of 7.8% in February 2021 to RM5.19 billion compared to a decline of 31% in January 2021.
The decline was due to lower exports of liquefied natural gas and crude petroleum.
In February 2021, trade with Asean, which constituted RM40.95 billion or 26% of Malaysia’s total trade, increased by 13.2% compared to February 2020.
Miti said exports recorded a double-digit expansion of 13.7% to RM24.42 billion, owing to higher exports of E&E products and petroleum products, while imports from Asean expanded by 12.4% to RM16.52 billion.
Exports to major markets in Asean that recorded growth included Singapore, which increased by RM1.48 billion mainly attributed to higher exports of E&E products; Thailand, RM63.5 million – other manufactures products especially solid-state storage devices; Vietnam (RM790.2 million – E&E products); and Indonesia (RM359.4 million – petroleum products).
In addition, trade with China surged by 49.8% y-o-y to RM28.76 billion, representing 18.3% of Malaysia’s total trade in February 2021.
Malaysia’s exports to China recorded a double-digit growth of 35.8% to RM12.82 billion amid higher exports of E&E products, petroleum products and LNG, while imports rose by 63.4% to RM15.94 billion.
The ministry said trade with the US accounted for 9.6% of Malaysia’s total trade, registering a growth of 9.3% y-o-y to RM15.06 billion in February 2021.
Exports to the US recorded a double-digit growth of 26% to RM9.99 billion as a result of higher exports of rubber products, and in contrast, imports from the US contracted 13.3% to RM5.07 billion.
It added that total trade with the EU in February 2021 rose by 11.8% y-o-y to RM12.75 billion and accounted for 8.1% of Malaysia’s total trade.
Exports continued its upward momentum since September 2020, expanding by 15.3% to RM7.74 billion amid higher exports of rubber products, while imports from the EU rose by 6.7% to RM5.01 billion.
Meanwhile, trade with Japan, which made up 7.3% of Malaysia’s total trade, grew by 6.3% y-o-y to RM11.41 billion in February 2021.
Exports picked up by 2.4% to RM5.74 billion from a negative y-o-y growth in January 2021, contributed mainly by higher exports of rubber products, manufactures of metal and E&E products.
Imports from Japan grew by 10.6% to RM5.68 billion. – Bernama, March 29, 2021
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