Malaysia’s trade hits historical high in Jan-Nov 2021, surpasses RM2 trillion mark

• Dec 28, 2021

KUALA LUMPUR: Malaysia’s complete trade surpassed the RM2 trillion mark for the primary time in historical past, increasing 24.6 per cent year-on-year (y-o-y) to RM2.01 trillion from January to November 2021.

Malaysia External Trade Development Corporation (Matrade) mentioned throughout the interval, exports elevated by 25.7 per cent y-o-y to RM1.11 trillion, imports rose by 23.3 per cent y-o-y to RM894.42 billion and trade surplus edged up by 36.2 per cent y-o-y to RM221.53 billion.

In a press release as we speak, it mentioned for the primary 11 months of 2021, all merchandise recorded export expansions, apart from transport tools in addition to drinks and tobacco.

“Exports of manufactured items grew 25.3 per cent y-o-y to RM961.89 billion, aided by rising exports {of electrical} and digital (E&E) merchandise, petroleum merchandise, manufactures of steel, rubber merchandise in addition to chemical compounds and chemical merchandise,” it mentioned.

Matrade mentioned exports of agriculture items rose 37.3 per cent y-o-y to RM87.03 billion as a result of robust exports of palm oil and palm oil-based agriculture merchandise and pure rubber.

Additionally, exports of mining items edged up 17.8 per cent y-o-y to RM62.78 billion, buoyed by increased exports of liquefied pure fuel (LNG), metalliferous ores and steel scrap, in addition to crude petroleum, it mentioned.

Meanwhile, it famous that trade breached the RM200 billion mark for the second time in a row in November 2021, marking the tenth consecutive month of double-digit development since February 2021.

During the month, complete trade expanded 34.9 per cent y-o-y to RM205.5 billion, as exports rose 32.4 per cent y-o-y to RM112.2 billion — the fifteenth consecutive month of y-o-y growth since September 2020 — whereas imports had been increased by 38 per cent y-o-y at RM93.3 billion.

Trade surplus elevated 10.5 per cent y-o-y to RM18.9 billion.

It mentioned exports of all main sectors recorded double-digit y-o-y development on the again of upper exports of all merchandise, apart from rubber merchandise and crude petroleum.

For occasion, it mentioned exports of E&E merchandise elevated by 17.4 per cent y-o-y to RM40.04 billion, accounting for 35.7 per cent of complete exports in November 2021.

“Petroleum merchandise exports surged 111.6 per cent y-o-y to RM9.65 billion and accounted for 8.6 per cent of complete exports, whereas export of palm oil and palm oil-based agriculture merchandise surged 97.4 per cent y-o-y to RM7.91 billion and accounted for 7.1 per cent of complete exports,” it mentioned.

Matrade mentioned exports of chemical compounds and chemical merchandise rose 45.9 per cent y-o-y to RM6.51 billion and took up 5.8 per cent of complete exports, whereas export of manufactures of steel surged 75.9 per cent y-o-y to RM5.74 billion and made 5.1 per cent of complete exports.

Meanwhile, it mentioned exports to main markets, notably ASEAN, China, the United States (US), the European Union (EU) and Japan recorded double-digit development in November 2021, with exports to ASEAN and the US registering an all-time high month-to-month worth.

ASEAN accounted for 27.6 per cent of Malaysia’s complete trade, with trade and exports at an all-time high in November 2021, increasing by 45.5 per cent y-o-y to RM56.63 billion.

Exports rose 39.4 per cent y-o-y and imports climbed 54.8 per cent y-o-y.

Meanwhile, trade with China accounted for 18.5 per cent of Malaysia’s complete trade, climbing 26.1 per cent y-o-y to RM37.92 billion, with exports rising by 20.5 per cent and imports rising by 31.2 per cent.

Matrade mentioned exports to the US additionally rose to a file high in November 2021, rising by 33.5 per cent y-o-y to RM13.03 billion.

“Imports from the US was up by 18.1 per cent y-o-y to RM6.69 billion; thus complete trade with the US grew by 27.9 per cent y-o-y to RM19.72 billion,” it mentioned, including that trade with the US accounted for 9.6 per cent of Malaysia’s complete trade throughout the month.

On a month-on-month (m-o-m) foundation, MATRADE mentioned Malaysia’s trade and imports grew by 1.5 per cent and 5.9 per cent, respectively, whereas exports and trade surplus contracted by 1.9 per cent and 28.1 per cent, respectively. – Bernama