Miti: Malaysia’s trade soared 40pc to RM252.65b in July 2022

• Aug 19, 2022

KUALA LUMPUR, Aug 19 — Malaysia’s trade continued its upward trajectory, rising 39.8 per cent to RM252.65 billion in July 2022 compared with RM180.69 billion in the same month last year, said the Ministry of International Trade and Industry (Miti).

This was the 18th consecutive month of double-digit growth.

Senior Minister Datuk Seri Mohamed Azmin Ali said exports increased 38.0 per cent to RM134.07 billion, posting the 12th successive month of double-digit growth, while imports expanded 41.9 per cent to RM118.58 billion and trade surplus grew 14.3 per cent to RM15.49 billion.

“The export growth was driven by higher demand for electrical and electronics (E&E) products, petroleum products as well as liquefied natural gas (LNG).

“Exports to major trading partners notably Asean, the United States (US), the European Union (EU) and Japan recorded double-digit growth. Highest monthly export value was registered to Asean,” he said in a statement on Malaysia external trade statistics for July 2022 today.

On a month-on-month (m-o-m) basis, Mohamed Azmin highlighted that trade, exports, imports and trade surplus slipped 6.5 per cent, 8.2 per cent, 4.5 per cent, and 29.1 per cent, respectively.

For January to July 2022 period, trade was up by 29.9 per cent to RM1.61 trillion from the same period last year; exports increased 27.8 per cent to RM873.07 billion and imports grew 32.5 per cent to RM734.51 billion.

“Trade surplus climbed 7.4 per cent to RM138.56 billion. Trade, exports, imports and trade surplus registered the highest value for the period,” he added.

On the export performance of major sectors, Mohamed Azmin said manufactured goods in July 2022, which represented 83.7 per cent of total exports rose 35.4 per cent year-on-year (y-o-y) to RM112.26 billion, the 12th straight month of double-digit expansion.

The growth was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, manufactures of metal, optical and scientific equipment, as well as chemicals and chemical products, with each recorded more than RM1 billion increase in exports, he added.

Exports of mining goods (8.1 per cent share) soared 100.4 per cent y-o-y to RM10.81 billion, the 16th successive month of double-digit growth, underpinned by growing exports of LNG and crude petroleum.

Exports of agriculture goods (7.8 per cent share) increased 24.1 per cent to RM10.52 billion compared to July 2021, the 17th consecutive month of double-digit growth, boosted by strong exports of palm oil and palm oil-based agriculture products.

Meanwhile, Mohamed Azmin highlighted that imports performance for July 2022 saw intermediate goods, valued at RM61.83 billion or 52.1 per cent of total imports, increased by 32.2 per cent following higher imports of processed industrial supplies.

Capital goods, worth RM10.97 billion or 9.3 per cent of total imports, expanded 29.6 per cent due to higher imports of industrial transport equipment; while consumption goods, valued at RM8.52 billion or 7.2 per cent of total imports, rose 33.2 per cent as a result of higher imports of processed food and beverages mainly for household consumption.

On Malaysia’s trade performance with major markets, the Minister said trade with Asean in July 2022 surged 63.0 per cent y-o-y to RM73.31 billion, constituting 29.0 per cent of Malaysia’s total trade.

He noted that exports rose 55.6 per cent to RM42.53 billion, the highest monthly value recorded thus far, while imports from Asean jumped 74.4 per cent to RM30.78 billion.

Trade with China in July 2022, which made up 16.1 per cent of Malaysia’s total trade, rose 19.3 per cent y-o-y to RM40.58 billion, the 20th successive month of double-digit growth with exports registering a growth of 9.8 per cent to RM15.88 billion following robust exports of E&E products, while imports increased 26.4 per cent to RM24.70 billion.

Trade with the US trade which accounted for 9.0 per cent of Malaysia’s total trade, grew 29.7 per cent y-o-y to RM22.82 billion, with exports increasing by 20.5 per cent to RM13.30 billion, underpinned by strong exports of E&E products while imports from the US rose 45.3 per cent to RM9.52 billion.

Trade with the EU in July 2022 climbed 14.0 per cent y-o-y to RM17.04 billion, representing 6.7 per cent of Malaysia’s total trade; exports increased 21.2 per cent to RM9.57 billion and imports edged up 6.0 per cent to RM7.47 billion.

In July 2022, trade with Japan, which constituted 5.9 per cent of Malaysia’s total trade, rose 29.6 per cent y-o-y to RM15 billion, with exports increasing 30.8 per cent to RM7.71 billion while imports increased 28.4 per cent to RM7.29 billion.

“This was owing to higher exports of broad-based products, namely LNG, E&E, palm oil and palm oil-based products as well as wood products,” said Mohamed Azmin. — Bernama