TOTAL TRADE RISES 21.3PC TO RM231.4B
Surplus jumps 15.7pc to RM23.55b as economic recovery gathers pace
MALAYSIA’S economy is keeping its hot streak going after posting the highest monthly value for trade, exports, imports and trade surplus last month.
The country’s total trade rose 21.3 per cent year-on-year to RM231.44 billion, the 15th consecutive month of double-digit growth. Exports increased 20.7 per cent to RM127.49 billion while imports grew 22 per cent to RM103.95 billion.
This led to a 15.7 per cent jump in trade surplus to RM23.55 billion, said Senior International
Trade and Industry Minister Datuk Seri Azmin Ali in a statement yesterday.
“The export growth was boosted by higher shipments of electrical and electronics products, mainly semiconductors, driven by global digitalisation trends.”
Malaysia recorded a five per cent gross domestic product growth in the first quarter of the year, up from a 3.6 per cent growth in the previous quarter.
“We expect Malaysia to post a four to five per cent GDP growth this year,” said Juwai IQI chief economist Shan Saeed.
“These latest trade numbers speak of the solid efforts by the International Trade and Industry Ministry and Malaysian Investment Development Authority
to maintain the positive momentum.”
Juwai IQI had previously forecast that Malaysia’s total trade for this year would be between RM1.3 trillion and RM1.5 trillion.
“This will be supported by macroeconomic stability, the opening up of more economies, higher tourist arrivals and, more importantly, return of investors’ confidence,” he added.
Putra Business School Assoc Prof Dr Ahmed Razman Abdul Latif said the latest trade figures confirmed the continuous recovery of Malaysia’s economy.
“This is in line with the government’s projection of a 5.3 to 6.3 per cent growth this year.” However, he said the UkraineRussia conflict, weakening ringgit versus the US dollar, global food crisis, high inflation and global supply chain disruption, among others, would have an impact on the country’s export and import growth.
“Export and import figures fell slightly last month but trade balance and current account have remained positive.
“These indicators underline the robustness of our economy,”
he said.
Meanwhile, elaborating on the trade performance, Azmin said exports to major markets, notably Asean, China, the United States, the European Union and Japan, recorded double-digit growth.
On a monthly basis, trade, exports, imports and trade surplus declined by 2.1, 3.1 0.9 and 11.6 per cent, respectively.
For the first four months of the year, trade climbed 22.9 per cent year-on-year to RM856.21 billion.
Exports jumped 21.8 per cent to RM472.39 billion and imports rose 24.3 per cent to RM383.82 billion for a 12.1 per cent increase in trade surplus to RM88.57 billion.