Exports of metal, palm oil and palm oil-based agriculture products and E&E products registered the highest monthly value thus far

by S BIRRUNTHA / graphic by TMR

MALAYSIA’S exports maintained above RM100 billion for the fourth time this year, up 24.7% to RM110.83 billion in September this year.

International Trade and Industry Senior Minister Datuk Seri Mohamed Azmin Ali said this was the 13th consecutive month of year-on-year (YoY) expansion for the country’s exports since September 2020.

He added that export growth during the month was contributed mainly by robust external demand for petroleum products, manufactures of metal, palm oil and palm oil-based agriculture products, as well as electrical and electronic (E&E) products.

“Exports of manufactures of metal, palm oil and palm oil-based agriculture products, as well as E&E products registered the highest monthly value thus far.

“Meanwhile, exports to Asean, China, the US and Japan recorded double-digit growth. Exports to China registered the highest monthly value ever,” he said in a statement yesterday.

Azmin noted that Malaysia’s trade continued its stellar performance in September 2021, with a new high for trade, exports and trade surplus monthly value.

The minister highlighted that trade expanded by 25.5% to RM195.54 billion compared to September 2020, the eighth consecutive month of double-digit growth since February 2021.

He added that imports increased by 26.5% to RM84.7 billion and trade surplus rose by 19.1% to RM26.13 billion.

According to Azmin, on a month-on-month basis, trade, exports, imports and trade surplus recorded double-digit growth of 15.2%, 16%, 14.2% and 22.2% respectively.

For the first nine months of 2021, trade expanded by 23.2% to RM1.602 trillion from the same period last year.

Exports grew by 24.9% to RM889.32 billion, the fastest growth recorded since 1998.

Imports rose by 21.1% to RM712.99 billion and trade surplus surged by 43.1% to RM176.33 billion.

Meanwhile, Azmin noted that Malaysia’s exports of manufactured goods in September 2021 reached its highest monthly value at RM94.86 billion or 85.6% of total exports, which grew by 21.6% YoY.

Exports of agriculture goods (8.7% share) recorded the highest monthly value of RM9.67 billion, grew by 47.7% compared to September 2020, making it the seventh consecutive month of double-digit growth since March 2021.

Exports of mining goods (5.4% share) surged by 48.1% YoY to RM5.93 billion, the sixth straight month of double-digit growth since April 2021, underpinned by higher exports of liquefied natural gas.

Compared to August 2021, exports of manufactured and agriculture goods increased by 17.4% and 31.7% respectively while exports of mining goods declined by 15.9%.

On imports, Azmin said the three main categories of imports by end use which accounted for 69.9% of total imports were intermediate goods, capital goods and consumption goods.

Intermediate goods, valued at RM43.2 billion or 51% of total imports increased by 29.7%, following higher imports of parts and accessories of capital goods (except transport equipment) particularly electrical machinery, equipment and parts.

Capital goods, valued at RM9.17 billion or 10.8% of total imports, grew by 20.3%, due to higher imports of capital goods (except transport equipment), primarily parts for machinery and mechanical appliances.

While, consumption goods, valued at RM6.88 billion or 8.1% of total imports, rose by 3.7%, as a result of higher imports of processed food and beverages mainly for household consumption especially edible preparations.

On trade performance with major markets, Azmin noted that in September 2021, trade with Asean accounted for 26% of Malaysia’s total trade, expanding by 31.1% YoY to RM50.77 billion.

Trade with China during the same month, which made up 19.7% of Malaysia’s total trade, grew by 24.6% YoY to RM38.45 billion, the 10th consecutive month of double-digit expansion.

Trade with the US in September 2021 comprised 9.6% of Malaysia’s total trade or RM18.76 billion, expanded by 19.2% YoY.

Trade with the European Union which represented 8% of Malaysia’s total trade in September 2021 grew by 16% YoY to RM15.6 billion.

Trade with Japan which accounted for 5.8% of Malaysia’s total trade rose by 11.7% YoY to RM11.39 billion.

Trade with Free Trade Agreement partners, which represented 67.2% of Malaysia’s total trade, rose by 26.8% YoY to RM131.35 billion.