Miti: Total trade up by 21% to Rm245.18bil in October

KUALA LUMPUR: Malaysia’s total trade expanded by 21.1% to Rm245.18bil in October 2022, marking the 21st consecutive month of double-digit growth, says the International Trade and Industry Ministry (Miti).

Exports rose by 15% to Rm131.63bil – the 15th consecutive month of year-on-year (y-o-y) growth – and imports were higher by 29.2% y-o-y at Rm113.54bil, while trade surplus decreased by 32% y-o-y to Rm18.09bil.

“The export growth was mainly boosted by higher shipments of petroleum products, electrical and electronic (E&E) products, liquefied natural gas (LNG), as well as crude petroleum,” Miti said.

It added that exports to major trading partners, notably Asean, China, the United States, the European Union and Japan recorded growth.

“Trade, exports and imports in the first 10 months of 2022 (10M2022) surpassed the value recorded in 10M2021.

“Trade expanded by 31.6% y-o-y to RM2.37 trillion and exports increased by 28.5% y-o-y to RM1.29 trillion, while imports exceeded the RM1 trillion mark for the first time, rising by 35.4% y-o-y to RM1.085 trillion, and trade surplus grew by 1.3% y-o-y to Rm205.61bil,” it said yesterday, Bernama reported.

On export performance by sector, the ministry said exports of manufactured goods in October 2022 – which accounted for 84.5% of total exports – rose by 12.6% y-o-y to Rm111.18bil, with petroleum products and E&E products posting more than Rm1bil increase in exports, respectively.

“Exports of mining goods surged by 85.9% y-o-y to Rm11.22bil, marking the 19th straight month of double-digit expansion, mainly due to higher exports of LNG and crude petroleum.

“Meanwhile, exports of agriculture goods contracted by 7.0% y-o-y to Rm8.6bil on account of lower exports of palm oil and palm oilbased agriculture products as well as natural rubber,” it said.

Miti said that almost all products recorded export growth in 10M2022.

“Exports of manufactured goods breached the overall value registered in 2021, expanding by 25.3% y-o-y to RM1.087 trillion, due to higher exports of E&E products, petroleum products, machinery, equipment and parts, palm oilbased manufactured products as well as chemicals and chemical products,” it said.

On trade with major markets, the ministry said in October 2022, trade with Asean accounted for 25.8% of Malaysia’s total trade, after expanding by 20.5% y-o-y to Rm63.35bil.

“Exports increased by 25.3% y-o-y to Rm38.79bil, the 15th consecutive month of double-digit growth, boosted by higher exports of petroleum products and E&E products, while imports rose by 13.6% y-o-y to Rm24.56bil,” it said.

Miti said trade with China, which accounted for 16.9% of Malaysia’s total trade, grew by 13.1% y-o-y to Rm41.54bil – the 23rd consecutive month of double-digit growth.

“Exports to China recorded a growth of 4.3% to Rm18.42bil on the back of robust exports of E&E products, while imports rose by 21.2% to Rm23.13bil,” it said.

Miti said the trade with the US rose by 20.3% y-o-y to Rm23.98bil, marking the 14th straight month of double-digit expansion.

“Exports grew by 8.8% to Rm13.73bil on account of strong exports of E&E products while imports expanded by 40.4% to Rm10.24bil.”

Meanwhile trade with the EU grew by 8.8% y-o-y to Rm17.41bil.

“Exports rose by 7.0% to Rm9.7bil supported by strong exports of iron and steel products, petroleum products and manufactures of metal, while imports expanded by 11.1% to Rm7.71bil,” said Miti.

Meanwhile, trade with Free Trade Agreement (FTA) partners, which constituted 64.5% of Malaysia’s total trade, increased by 18.2% y-o-y to Rm158.05bil.

“Exports to FTA partners rose by 17.7% to Rm89.16bil and imports grew by 18.8% to Rm68.89bil,” Miti said.

The ministry said in October 2022, total imports grew by 29.2% y-o-y to Rm113.54bil.

“During 10M2022, imports expanded by 35.4% y-oy to RM1.085 trillion.

“Imports of intermediate goods grew by 34.5% y-o-y to Rm591.58bil, capital goods rose by 19.6% y-o-y to Rm100.63bil and consumption goods was 25% y-o-y higher at Rm85.28bil,” it said.