KUALA LUMPUR – Malaysia’s total trade recorded double-digit growth of 43.4% year-on-year (y-o-y) in June 2022 to reach a new high of RM270.4 billion, according to the Statistics Department.
Chief statistician Datuk Seri Mohd Uzir Mahidin said exports grew 38.8% y-o-y to RM146.2 billion in June 2022, expanding for the 22nd straight month since September 2020, while imports surged 49.3% y-o-y to RM124.2 billion.
He said exports were lifted by the upbeat performance of domestic exports and re-exports.
“Domestic exports were valued at RM110.6 billion, (representing) 75.7% share of Malaysia’s total exports. They expanded sturdily by 30.6% y-o-y, while re-exports registered RM35.6 billion, an increase of 72.2%,” Uzir said in a statement today.
The country recorded the 26th consecutive month of trade surplus since May 2020, but the surplus in June shrank by 0.8% to RM21.9 billion as imports grew faster than exports.
Total trade for the second quarter of 2022 grew by 32.7% y-o-y to RM730.4 billion with exports surging by 30.0% to RM394.2 billion and imports expanding 36.1% to RM336.1 billion.
“This was the highest quarterly value for total trade, exports and imports thus far. A trade surplus of RM58.1 billion was recorded for the period, down by 10.6%,” he added.
On the June 2022 export performance, Uzir said 189 out of 252 commodity groups showed growth against the same month last year, led by thermionic valves and tubes. As for imports, 198 of 259 groups posted growth.
The rise in exports was mainly due to higher exports to Singapore amounting to RM9 billion, the United States (up RM3.9 billion), the European Union (up RM3.5 billion), Japan (up RM3.1 billion), Hong Kong (up RM2.7 billion), Indonesia (up RM2.3 billion), Bangladesh (up RM2.1 billion), India (up RM1.5 billion), and South Korea (up RM1.5 billion).
In terms of products, the export expansion was driven by electrical and electronic (E&E) products (up RM15.2 billion), petroleum products (up RM9.9 billion), liquefied natural gas (up RM3.8 billion), palm oil and palm oil-based agriculture products (up RM3.7 billion), machinery, equipment and parts (up RM1.4 billion), crude petroleum (up RM1.4 billion) and manufacture of metal (up RM1.0 billion).
As for imports, Singapore was also the top growth contributor with an increase of RM8.8 billion in value, followed by China (up RM5.8 billion), Taiwan (up RM3.6 billion), the US (up RM2.8 billion), EU (up RM2.4 billion), Saudi Arabia (up RM2.1 billion), Indonesia (up RM2.0 billion), and Australia (up RM1.9 billion).
The import growth was led by petroleum products (up RM11.7 billion), E&E products (up RM9.3 billion), transport equipment (up RM2.6 billion), crude petroleum (up RM2.6 billion), machinery, equipment and parts (up RM2.1 billion), chemical and chemical products (up RM1.9 billion), and gold, non-monetary (up RM1.8 billion.
Compared with May 2022, total trade, exports, imports and trade surplus showed growth of 18.4%, 21.3%, 15.2% and 72.7%, respectively. – Bernama, July 20, 2022
