MALAYSIA recorded a trade surplus of RM31.71 billion in September, a new record high for the country.
The trade surplus expanded 20.9% from RM26.23 billion in September 2021, according to the Ministry of Trade and Industry.
Exports to major trading partners notably Asean, the US, the European Union and Japan recorded double-digit growth, with exports to Japan registering the highest monthly value ever.
On the whole, Malaysia’s trade continued its upward trajectory in September 2022, registering double-digit growth for trade, exports, imports and trade surplus. This was the highest monthly value for the month of September, according to the ministry.
Trade rose by 31.4% to RM256.91 billion compared to September 2021, the 20th consecutive month of double-digit growth. Exports increased by 30.1% to RM144.31 billion, the 14th successive month of double-digit growth. Imports expanded by 33% to RM112.6 billion, it said.
The export growth was contributed mainly by robust external demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG), crude petroleum, optical and scientific equipment, as well as machinery, equipment and parts.
Exports of E&E products, optical and scientific equipment as well as LNG registered the highest monthly value thus far.
On a month-on-month basis, the statement said exports and trade surplus rose by 2.2% and 86.1%, while trade and imports contracted by 3.2% and 9.4%, respectively.
Trade for the third quarter of 2022 (3Q22) edged up by 42% to RM774.98 billion, compared to 3Q21. Exports increased by 38.3% to RM419.65 billion and imports expanded by 46.5% to RM355.32 billion. This was the highest quarterly value for trade, exports and imports. Trade surplus grew by 5.6% to RM64.33 billion.
Compared to the 2Q22, trade, exports, imports and trade surplus rose by 6.1%, 6.5%, 5.7% and 10.8%, respectively.
In the first nine months of 2022, trade climbed by 32.9% to RM2.13 trillion from the same period last year. Exports grew by 30.3% to RM1.16 trillion and imports expanded by 36.2% to RM971.26 billion. Trade surplus edged up by 6.3% to RM187.4 billion. Trade, exports, imports and trade surplus registered the highest value for the period.
In September 2022, trade with China which made up 17.1% of Malaysia’s total trade climbed by 14% year-on-year (YoY) to RM43.91 billion, the 22nd consecutive month of double-digit growth. Exports to China recorded a growth of 8% to RM20.09 billion due to higher exports of E&E products. Imports from China was up by 19.5% to RM23.82 billion.
Trade with the US in September 2022 comprised 10.4% of Malaysia’s total trade, expanding by 42.5% YoY to RM26.73 billion and was the highest monthly value thus far. Exports grew by 32.5% to RM16.31 billion on the back of robust exports of E&E products. Imports from the US surged by 61.4% to RM10.42 billion.
In September 2022, trade with Japan which accounted for 6.7% of Malaysia’s total trade rose by 49.5% YoY to RM17.11 billion. Exports surged by 74.6% to RM9.93 billion, the highest monthly value, and was the 19th straight month of double-digit expansion. The growth was supported by higher exports of LNG, E&E products and petroleum products. Imports from Japan increased by 24.6% to RM7.18 billion. — TMR / pic Bloomberg