Malaysia’s export, import value soar in 2021

by NURUL SUHAIDI / pic by MUHD AMIN NAHARUL

MALAYSIA’S exports and import performance posted a positive growth of 32.4% to RM112.2 billion and 38% to RM93.3 billion year-on-year, respectively, in November, according to the Department of Statistics Malaysia (DoSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the export growth was supported by both domestic exports and re-exports.

Domestic exports in the country stood at RM93.7 billion which contributed 83.5% to the total exports, and grew by 34.3% while the re-exports registered RM18.5 billion, increased by 23.9% compared to the same month last year.

Meanwhile, the imports sector amounted to RM93.3 billion, jotting an increase of 38% in comparison to November 2020.

As a result, the trade value increased to RM205.5 billion, 34.9% higher from RM152.3 billion in November 2020, with a trade surplus of RM18.9 billion.

In light of the recovery in global trade activity, imports performance for a month-on-month basis and total trade also registered positive growth, up by 5.9% and 1.5%, respectively.

However, Mohd Uzir noted that the exports production declined by 1.9% and trade surplus 28.1%.

This result was seen in 192 of the 255 commodity groups where exports increased over the same month the previous year.

“As for imports, 191 of 258 groups posted positive growth,” he added.

In a similar note, DoSM said export to the US continued to dominate as the largest contribution with RM3.3 billion total export. These were followed by China (RM2.9 billion), Singapore (RM2.6 billion), Vietnam (RM2.5 billion), the European Union (EU) (RM2.1 billion), India (RM2 billion), Indonesia (RM1.9 billion), Japan (RM1.4 billion) and Korea (RM1.2 billion).

As for the imports, Mohd Uzir said China remains a major contributor to the increase in imports (RM4.9 billion), followed by Singapore (RM3.1 billion), EU (RM2.9 billion), Korea (RM2.5 billion), India (RM2.4 billion), Taiwan (RM2.4 billion), Thailand (RM1.4 billion), Vietnam (RM1.3 billion) and the US (RM1 billion).

He noted that the expansion in exports was mainly driven by electrical and electronic (E&E) products by RM5.9 billion, followed by petroleum products (RM5.1 billion), palm oil and palm oil-based agriculture products (RM3.9 billion) and the manufacture of metal (RM2.5 billion).

Among other sectors, chemical and chemical products contributed to RM2 billion, liquefied natural gas (RM1.9 billion), palm oil-based manufactured products (RM1.3 billion), machinery, equipment and parts (RM1.1 billion), and iron and steel products (RM1 billion).

On the other hand, the rise in imports was noted for E&E products of RM8.5 billion, petroleum products (RM5.2 billion), chemical and chemical products (RM2.6 billion), machinery, equipment and parts (RM1.2 billion), manufacture of metal (RM986.8 million) and iron and steel products (RM922.2 million).

Meanwhile, Mohd Uzir said the higher demand for intermediate products, capital goods and consumption goods fueled the imports by end-use.

“This brings the imports of intermediate products which is 58.6% of total imports to RM54.7 billion, an increase of RM17.6 billion or 47.4% from the previous year,” he said.

Additionally, capital goods which represent 10.2% of total imports, registered an increase of 32.1 % from RM7.2 billion last year to RM9.5 billion.

“Imports of consumption goods which amounted to RM7.7 billion, rose by 22.8% compared to November 2020, and comprised 8.3% of total imports,” he added.

Furthermore, overall trade, exports and imports continued their robust growth trend from January to November 2021, outperforming October.

According to DoSM, the country’s total trade for the first time ever surpassed the two trillion mark, expanding by 24.6% from a similar period in 2020.

In line with the trade’s performance, exports and imports also registered double-digit growths of 25.7%, with a value of RM1.1 trillion and 23.3%, making up Malaysia’s total trade to RM894.4 billion, respectively.

Meanwhile, the trade surplus rose by 36.2% to RM221.5 billion compared to the same period in 2020.