M’sia’s total trade exceeds RM2 tril as exports, imports hit new high

KUALA LUMPUR – Malaysia’s external trade surpassed the RM2 trillion mark for the first time in 2021, a 24.9% increase year-on-year (y-o-y) versus a 3.3% decrease in 2020, said the Statistics Department (DoSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said exports rose 26.1% to RM1.2 trillion, due to significant performances of both domestic exports and re-exports.

“Domestic exports hit the one trillion mark for the first time, increasing 26.6% y-o-y, while re-exports went up 24.0% to RM229.0 billion,” he said in a statement today.

Uzir noted that imports in 2021 also recorded a growth of 23.3% to hit the highest value of RM987.3 billion.

“Meanwhile, the trade balance remained in surplus for the 24th consecutive year since 1998 amounting to RM253.7 billion, an increase of 38.4%,” he added.

The rise in exports was mainly due to higher exports to China which grew 20.9%, or RM33.3 billion, following robust liquefied natural gas exports and metal and electrical and electronic (E&E) products.

This was followed by the United States (RM33.2 billion), Singapore (RM31.8 billion), the European Union (RM19.4 billion), Vietnam (RM14.7 billion), Japan (RM13.3 billion), and Australia (RM10.1 billion), as a result of growing exports of E&E products.

Meanwhile, exports to India grew by 48.7%, or  RM14.8 billion, underpinned by robust palm oil exports and palm oil-based agricultural products, the statement said.

The rise in imports was driven by higher imports from China with an increased value of RM56.8 billion, driven by higher imports of E&E, as well as chemicals and chemical products.

This was followed by Singapore (RM20.0 billion, petroleum products), Indonesia (RM19.4 billion, coal), the European Union (RM17.7 billion), Taiwan (RM17.2 billion), and Japan (RM12. 4 billion), supported by growth in exports of E&E goods.

Imports from Thailand rose 32.3%, or RM11.1 billion, contributed by the increase in imports of transport equipment, the statement said. 

The surge in export growth was led by E&E products (RM69.7 billion), petroleum products (RM34.3 billion), manufacture of metal (RM24.7 billion), palm oil and palm oil-based agricultural products (RM23.5 billion), and rubber products (RM20.3 billion).

It was followed by chemicals and chemical products (RM19.9 billion), palm oil-based manufactured products (RM11.7 billion); and machinery, equipment and parts (RM10.5 billion).

Meanwhile, a significant increase in imports was recorded for E&E products (RM61.5 billion), petroleum products (RM29.5 billion), chemicals and chemical products (RM22.3 billion), iron and steel products (RM8.8 billion); and machinery, equipment and parts (RM8.5 billion).

It was followed by imports of gold, non-money (RM8.1 billion); manufacture of metal (RM7.2 billion), coal (RM7.0 billion), and rubber products (RM6.9 billion). – Bernama, July 28, 2022