MITI: Malaysia’s total trade for May 2022 remains resilient, rose 33.6pc to RM228.37b

MITI: Malaysia’s total trade for May 2022 remains resilient, rose 33.6pc to RM228.37b

17 Jun 2022

Malaysia’s trade performance in May 2022 remained resilient, recording the fastest growth since November 2021 with total trade rising 33.6 per cent to RM228.37 billion compared to May 2021, said the Ministry of International Trade and Industry (Miti).

It was the 16th straight month of double-digit growth.

Although exports increased 30.5 per cent to reach RM120.49 billion, imports grew by 37.3 per cent to RM107.88 billion, resulting in the trade surplus contracting by 8.3 per cent to RM12.62 billion, Senior Minister Datuk Seri Mohamed Azmin Ali said.

He said there were three main categories of imports, namely intermediate goods valued at RM62.95 billion or 58.4 per cent of total imports; parts and accessories of capital goods (RM8.84 billion: 8.2 per cent of total imports), and consumption goods mainly pharmaceutical products (RM8.51 billion: 7.9 per cent).

He said the export growth was driven by higher demand for electrical and electronic (E&E) products, petroleum products, palm oil and palm oil-based agriculture products.

Exports to major markets, notably Asean, China, the United States (US), the European Union (EU) and Japan recorded double-digit growth, he said in a statement.

He also highlighted that total trade surpassed RM1 trillion in just five months, the shortest period to breach this milestone. Between January and May 2022, trade, exports, imports and trade surplus also registered the highest value for the period.

“Trade climbed by 25.1 per cent to RM1.085 trillion compared to the same period last year. Exports jumped by 23.5 per cent to RM592.97 billion and imports leapt by 27.0 per cent to RM491.85 billion. Trade surplus edged up by 9.0 per cent to RM101.12 billion,” he said.

On the export performance of major sectors, Azmin said manufactured goods in May 2022, which represented 83.3 per cent of total exports, rose by 27.3 per cent year-on-year (y-o-y) to RM100.37 billion, the 10th straight month of double-digit expansion.

The growth was attributed to higher exports of E&E products, petroleum products and palm oil-based manufactured products; each of them recorded a more than RM1 billion rise, he said.

Exports of agriculture goods (8.9 per cent share) increased by 43.9 per cent to RM10.77 billion versus May 2021, boosted by palm oil and palm oil-based products.

Exports of mining goods (7.3 per cent share) soared by 54.9 per cent y-o-y to RM8.76 billion, the 14th successive month of double-digit growth underpinned by liquefied natural gas (LNG) and crude petroleum.

On Malaysia’s trade performance with major markets, Azmin said Asean trade constituted 29.3 per cent of total trade in May 2022, growing by 54.6 per cent y-o-y to RM66.99 billion.

He noted that exports expanded by 44.2 per cent to RM37.00 billion as a result of higher exports of E&E products and petroleum products, while imports from Asean surged by 69.7 per cent to RM29.99 billion.

Trade with China in May 2022 made up 16.3 per cent of Malaysia’s total trade, it rose 11.1 per cent y-o-y to RM37.17 billion, the 18th successive month of double-digit growth with exports growing 10.1 per cent to RM15.27 billion following robust exports of E&E products, while imports increased by 11.9 per cent to RM21.89 billion.

The US contributed 8.8 per cent to Malaysia’s total May trade, growing by 22.0 per cent y-o-y to RM20.06 billion. Exports were up 15.5 per cent to RM12 billion underpinned by E&E products, while imports rose by 33.1 per cent to RM8.06 billion.

The European Union (EU) trade, representing 7.6 per cent of Malaysia’s total trade, climbed 30.0 per cent y-o-y to RM17.42 billion; exports increased 30.2 per cent to RM9.76 billion, while imports also edged up by 29.7 per cent to RM7.66 billion.

May Japanese trade figures, constituting 5.9 per cent of Malaysia’s total trade, grew by 13.6 per cent y-o-y to RM13.38 billion; exports climbed 14 per cent to RM6.97 billion, while imports were up by 13.3 per cent to RM6.41 billion.

Trade with Free Trade Agreement (FTA) partners in May 2022, accounting for 67.3 per cent of Malaysia’s total trade, rose by 32.7 per cent y-o-y to RM153.68 billion, with exports expanded 30.8 per cent to RM81.95 billion, and imports up 35.0 per cent to RM71.73 billion. 

Source: Bernama