Malaysia’s export value hit above one trillion mark in the first 10 months this year

by NUR HANANI AZMAN / pic by MUHD AMIN NAHARUL

MALAYSIA’S exports surpassed the RM1 trillion mark for the period of January to October 2021, up 25% year-on-year (YoY), the fastest period export value breached the one trillion mark ever recorded, according to the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the strong export value for the first 10 months of 2021 was in line with global economic recoveries and the opening of economic activities in more countries signified better external demand.

“Consistent with the export’s performance, imports also registered a double-digit growth of 21.8% to RM801.2 billion. Total trade grew by 23.5% to RM1.8 trillion compared to the same period in 2020,” he said in a statement yesterday.

Exports in October 2021 maintained its steady growth momentum and outperformed September with another record high value of RM114.4 billion, rising by 25.5% YoY. The expansion was driven by both domestic exports and re-exports.

Domestic exports stood at RM91.3 billion and contributed 79.8% to the total exports, widened by 23.3%. Re-exports registered RM23.2 billion, an increase of 34.8% compared to October 2020, while imports were higher by 27.9% YoY to RM88.2 billion.

Total trade expanded by RM26.5 billion to RM202.6 billion from RM160.1 billion in October 2020, as reported in the Malaysia External Trade Statistics Bulletin, October 2021.

Trade surplus in October 2021, with a value of RM26.2 billion marked the 18th consecutive month of trade surplus since May 2020.

In accordance with the recovery in domestic economic activity, the month-on-month performance of exports, imports, total trade and trade surplus were also remarked the positive growth, higher by 3.2%, 4.1%, 3.6% and 0.5%, respectively. 

Meanwhile, in a separate statement, Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said Malaysia’s trade continued its remarkable achievement in October 2021, registering another round of record high monthly value for trade, exports, imports and trade surplus.

He said trade expanded by 26.5% to RM202.61 billion compared to October 2020, breaching the RM200 billion mark for the first time and was the ninth consecutive month of double-digit growth since February 2021.

“Exports rose by 25.5% to RM114.43 billion, the 14th consecutive month of YoY expansion since September 2020. Imports were higher by 27.9% to RM88.18 billion and trade surplus increased by 17.9% to RM26.25 billion.

“The export growth was boosted mainly by higher shipments of petroleum products, manufactures of metal, electrical and electronic products, chemicals and chemical products as well as palm oil and palm oil-based agriculture products,” he said in a statement issued by the Malaysia External Trade Development Corp (Matrade).

Exports of manufactures of metal and E&E products registered the highest monthly value thus far. Meanwhile, exports to major markets notably ASEAN, China, the United States, the European Union and Japan recorded double-digit growth. Exports to ASEAN registered the highest monthly value.

In October 2021, trade with Free Trade Agreement (FTA) partners which constituted 66.1% of Malaysia’s total trade increased by 27.3% YoY to RM133.95 billion.

Exports to FTA partners rose by 24.5% to RM75.68 billion and imports grew by 31.1% to RM58.27 billion.

Trade with FTA partners during the first 10 months of 2021 which made up 66.7% of Malaysia’s total trade, grew by 24% to RM1.203 trillion compared to the same period of 2020. Exports increased by 22.9% to RM670.74 billion and imports expanded by 25.3% to RM532.3 billion.