December 2021 trade soared to RM216.7b

by NUR HANANI AZMAN / Pic by TMR FILE PIX

THE total trade in December 2021 soared by 26.8% to RM216.7 billion compared to the same month in 2020, bringing the highest ever total trade of RM2.2 trillion for the year 2021, according to Malaysia External Trade Statistics Bulletin December 2021. 

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the strong growth of exports in December last year was supported by both domestic exports and re-exports — domestic exports amounted to RM102.7 billion and contributed 83% to total exports — expanded by 30.7%. 

“Re-exports with a value of RM21.1 billion, grew by 22.3% yearon-year while imports in December 2021 totalled RM92.9 billion, continuing to register a growth of 23.6% from the preceding year. 

“Trade surplus with a value of RM31 billion, marked the 20th consecutive month since May 2020. In comparison to November 2021, exports, total trade and trade surplus also showed positive growths, higher by 10.4%, 5.5% and 63.6% respectively. In contrast, imports decreased marginally by 0.4%,” he said in a statement recently. 

The Department of Statistics Malaysia also reported that the rise in exports was attributed mainly to higher exports to China (RM4.5 billion), followed by the US (RM3.6 billion), Singapore (RM3 billion), the European Union (RM2.3 billion), Indonesia (RM1.7 billion), Vietnam (RM1.6 billion), Taiwan (RM1.5 billion), Hong Kong (RM1.5 billion) and Australia (RM1.2 billion). 

On a similar note, imports from China continued to register an increase of RM4 billion, followed by Singapore (RM2.4 billion), Taiwan (RM2.2 billion), Indonesia (RM1.9 billion), Korea (RM1.5 billion), the European Union (RM1.3 billion) and the US (RM1.2 billion). 

Mohd Uzir said supported by stronger than expected export growth, Malaysia’s total trade turned around in 2021, expanding by 24.8% to RM2.2 trillion, compared to RM1.8 trillion in 2020. 

He said in line with the growth, the number of digital declaration forms received in 2021 also showed an increase of 16.8% from 39.5 million in 2020 to 46.1 million, on average 3.8 million per month. 

“Exports rebounded to register a significant growth of 26% to reach a new high record value of RM1.2 trillion. Imports also increased by 23.3% to RM987.2 billion. These growths surpassed the official forecast of export and import growth of 17.1% and 16.5% respectively as reported in the Economic Outlook 2022. 

“Malaysia’s trade surplus widened by 37.7% from RM183.3 billion in the preceding year to RM252.6 billion, the highest trade surplus ever recorded. This was the 24th consecutive year of trade surplus since 1998,” he added.