Malaysia’s trade expands 15.6% to RM238.17b in November 2022

KUALA LUMPUR – Malaysia’s trade continued its stellar performance and maintained an upward trajectory in November 2022 with trade expanded by 15.6 per cent to RM238.17 billion compared to November 2021 – the 22nd consecutive month of year-on-year (y-o-y) double-digit expansion.

 The Ministry of International Trade and Industry (MITI) said in a statement today that exports rose by 15.6 per cent to RM130.24 billion, while imports and trade surplus increased by 15.6 per cent each to RM107.93 billion and RM22.3 billion respectively.

“The export expansion was underpinned by strong exports of electrical and electronic (E&E) products, liquefied natural gas (LNG), petroleum products as well as crude petroleum,” it said in a statement today.

Meanwhile, exports to major trading partners notably ASEAN, the United States (US), the European Union (EU) and Japan recorded double-digit growth.

Compared to October 2022, trade surplus rose by 23.5 per cent while trade, exports and imports contracted by 2.8 per cent, one per cent and 4.9 per cent, respectively.

For the period of January to November 2022, trade expanded by 29.9 per cent to RM2.613 trillion compared to the same period last year.

Exports increased by 27.2 per cent to RM1.42 trillion.

Imports rose by 33.3 per cent to RM1.193 trillion and trade surplus edged up by 2.6 per cent to RM227.89 billion.

“Trade, exports, imports and trade surplus registered the highest value for the period,” it said.

In November 2022, exports of manufactured goods which accounted for 84.6 per cent of total exports grew by 15 per cent y-o-y to RM110.23 billion and was the 16th straight month of double-digit expansion.

The growth was underpinned by E&E products and petroleum products, which respectively posted more than RM1 billion increase in exports.

Exports of mining goods (eight per cent share) soared by 62.6 per cent y-o-y to RM10.43 billion, the 20th successive month of double-digit growth led by higher exports of LNG and crude petroleum.

Exports of agriculture goods (6.8 per cent share) declined by 11.1 per cent to RM8.87 billion compared to November 2021 due to lower exports of palm oil and palm oil-based agriculture products.

For the period of January to November 2022, almost all products recorded export growth.

Exports of manufactured goods grew by 24.3 per cent to RM1.197 trillion compared to the same period last year.

This was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, chemicals and chemical products as well as palm oil based manufactured products.

In November 2022, trade with ASEAN contributed 26.6 per cent to Malaysia’s total trade, rising by 11.6 per cent y-o-y to RM63.46 billion.

Exports edged up by 16.9 per cent to RM38.69 billion — this was on account of higher exports of E&E products and petroleum products.

Imports from ASEAN increased by 4.1 per cent to RM24.77 billion.

Exports to ASEAN major markets that recorded increases were Singapore which grew by RM5.86 billion, bolstered by robust exports of E&E products and Thailand (RM1.06 billion, petroleum products).

Trade with China recorded RM43.18 billion, rose by 13.5 per cent last month, exports recorded 9.2 per cent to RM18.85 billion and imports from China grew by 17.1 per cent to RM24.33 billion.

Trade with US rose by 15.6 per cent y-o-y to RM22.82 billion with exports 11.8 per cent up to RM14.59 billion and imports higher by 23 per cent to RM8.23 billion.

Trade with the EU grew by 12 per cent y-o-y to RM18.66 billion with exports rising by 16.3 per cent to RM10.5 billion aided by strong exports of petroleum products, transport equipment and E&E products.

Imports from the EU expanded by 6.9 per cent to RM8.17 billion. – Bernama / pic TMR File