PETALING JAYA: Malaysia’s total trade grew by 26% year-on-year (y-o-y) to RM867.4bil in the first five months of 2021, the Ministry of International Trade and Industry (Miti) said.

Trade surplus surged by 112.2% to RM92.79bil, as exports rose by 31.1% to RM480.09bil and imports increased by 20.1% to RM387.31bil.

The ministry said the country’s trade performance maintained its upward trend in May 2021 with trade expanding by 48.75 to RM170.88bil compared to May 2020.

“Exports surged by 47.3% to RM92.31bil, the ninth consecutive month of y-o-y expansion since September 2020 while imports rose by 50.3% to RM78.57bil and trade surplus expanded by 32.3% to RM13.74bil, ” it said in a statement yesterday.

Miti said the export growth was contributed mainly by robust demand for electrical and electronic (E&E) products, mainly semiconductors, due to the increasing orders for work-from-home equipment and digitalisation of businesses, as well as rubber and petroleum products.

All major markets, namely Asean, China, the United States, the European Union and Japan, registered positive export growth.

Meanwhile, imports from Asean increased by 61.8% to RM17.67bil.

In the first five months of 2021, trade with Asean expanded by 29.5% y-o-y to RM224.94bil.

“Exports to this region rose by 27% to RM134.88bil buoyed by higher exports of E&E products, chemicals and chemical products, machinery, equipment and parts as well as manufactures of metal. Imports from Asean expanded by 33.4% to RM90.06 billion, ” Miti said.

However, compared to April 2021, trade, exports and imports declined by 13%, 15.9% and 8.6%, respectively. — Bernama