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Malaysia records higher exports, trade surplus in January
KUALA LUMPUR: Malaysia’s trade exports continued to expand, rising 23.5% year-on-year (y-o-y) to RM110.73bil in January 2022 on the back of double-digit growth in shipments to major trading partners Asean, China, the US and the EU.
In a statement, the International Trade and Industry Ministry (Miti) said exports recorded double-digit expansion for a sixth consecutive month since August 2021, underpinned by electrical and electronic products and palm oil and palm oil-based agriculture products.
The higher export figure was in tandem with a 24.8% jump in overall trade to RM203.05bil and a 10.9% higher trade surplus of RM18.4bil from a year earlier. The country’s imports grew 26.4% to RM92.32bil.
Miti reported that compared to the preceding month of December 2021, trade, exports, imports and trade surplus fell 6.2%, 10.6%, 0.6% and 40.6% respectively due to the high base effect and seasonal factors following the new year holidays.
The ministry said all the major sectors recorded double-digit y-o-y expansion in January.
Agriculture goods saw the biggest percentage gain of 75.6% to RM8.77bil while exports of manufactured good grew 19.3% to RM94.67bil.
“E&E products, manufactures of metal, petroleum products, chemicals and chemical products, palm oil-based manufactured products as well as machinery, equipment and parts each posted over RM1bil increase in exports,” said Miti.
Meanwhile, exports of agriculture goods (7.9% share) surged by 75.6% to RM8.77bil and exports of mining goods edged 38.4% higher to RM6.82bil on the back of higher exports of liquefied natural gas.
For imports, intermediate goods jumped 28.3% to RM50.52bil while capital goods rose 37.7% to RM9.97bil and consumption good climbed 32% to RM8.63bil.
Source: https://www.thestar.com.my/business/business-news/2022/02/18/malaysia-records-growing-exports-trade-surplus-in-january