KUALA LUMPUR, 20 July – Malaysia recorded an all-time record high trade volume with RM270.39 billion in June 2022, with an increase of 43.4 per cent compared to June 2021, announced the Ministry of International Trade and Industry.
This is the 17th consecutive month of double-digit growth for Malaysia’s trade and the 11th consecutive month of double-digit expansion for exports, with a growth of 38.8 per cent to RM146.16 billion.
Meanwhile, the country’s imports increased by 49.3 per cent to RM124.3 billion while the trade surplus declined marginally by 0.8 per cent to RM21.93 billion.
Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said the export growth was contributed by strong demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG), as well as palm oil and palm oil-based agriculture products.
According to a statement by the minister, Malaysia’s trade for the second quarter of 2022 grew by 32.7 per cent to RM730.36 billion compared to the same period last year 2021.
He highlighted that exports climbed by 30 per cent to RM394.24 billion and imports increased by 36.1 per cent to RM336.13 billion.
“This was the highest quarterly value for trade, exports and imports. Trade surplus edged up by 3.2 per cent to RM58.11 billion,” he said.
Azmin said that the trade surplus in the country increased by 6.7 per cent to reach RM123.13 billion. This was the highest half-year value recorded for trade, exports, imports, and trade surplus.
Exports of manufactured goods reached their highest monthly value at RM122.07 billion or 83.5 per cent of total exports, increased by 33.8 per cent year-on-year (YoY) and was the 11th consecutive month of double-digit growth.
Export products that expanded by more than RM1 billion were seen for E&E products, petroleum products, machinery, equipment and parts, manufacturers of metal, as well as optical and scientific equipment.
Exports of agriculture goods (8.8 per cent share) rose by 46.8 per cent YoY to RM12.93 billion, the highest monthly value, driven mainly by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (7.2 per cent share) leapt by 116.3 per cent YoY to RM10.53 billion underpinned by higher exports of LNG and crude petroleum.
Meanwhile, total imports in June 2022 grew by 49.3 per cent YoY to RM124.23 billion.
The three main categories of imports by end use which accounted for 68.3 per cent of total imports were intermediate goods, capital goods and consumption goods.
Intermediate goods, valued at RM64.41 billion or 51.8 per cent of total imports, increased by 46.9 per cent, following higher imports of processed industrial supplies.
Capital goods, valued at RM11.15 billion or 9.0 per cent of total imports, grew by 30.4 per cent, due mainly to higher imports of industrial transport equipment.
Consumption of goods, valued at RM9.23 billion or 7.4 per cent of total imports, rose by 25.6 per cent, as a result of higher imports of processed food and beverages mainly for household consumption.
Source: The Malaysian Reserve/Agencies