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KUALA LUMPUR – Malaysia’s trade performance in May 2022 remained resilient, recording the fastest growth since November 2021 with total trade rising 33.6% to RM228.37 billion compared to May 2021, said the International Trade and Industry Ministry.
It was the 16th straight month of double-digit growth.
Although exports increased 30.5% to reach RM120.49 billion, imports grew by 37.3% to RM107.88 billion, resulting in the trade surplus contracting by 8.3% to RM12.62 billion, Senior Minister Datuk Seri Mohamed Azmin Ali said.
He said there were three main categories of imports, namely intermediate goods valued at RM62.95 billion or 58.4% of total imports; parts and accessories of capital goods (RM8.84 billion: 8.2% of total imports), and consumption goods, mainly pharmaceutical products (RM8.51 billion: 7.9%).
He said the export growth was driven by higher demand for electrical and electronic (E&E) products, petroleum products, palm oil, and palm oil-based agriculture products.
Exports to major markets, notably Asean, China, the United States, the European Union, and Japan recorded double-digit growth, he said in a statement.
He also highlighted that total trade surpassed RM1 trillion in just five months, the shortest period to breach this milestone. Between January and May 2022, trade, exports, imports and trade surplus also registered the highest value for the period.
“Trade climbed by 25.1% to RM1.085 trillion compared with the same period last year. Exports jumped by 23.5% to RM592.97 billion and imports leapt by 27.0% to RM491.85 billion. Trade surplus edged up by 9.0% to RM101.12 billion,” he said.
On the export performance of major sectors, Azmin said manufactured goods in May 2022, which represented 83.3% of total exports, rose by 27.3% year-on-year (y-o-y) to RM100.37 billion, the 10th straight month of double-digit expansion.
The growth was attributed to higher exports of E&E products, petroleum products, and palm oil-based manufactured products; each of them recorded a more than RM1 billion rise, he said.
Exports of agriculture goods (8.9% share) increased by 43.9% to RM10.77 billion versus May 2021, boosted by palm oil and palm oil-based products.
Exports of mining goods (7.3% share) soared by 54.9% y-o-y to RM8.76 billion, the 14th successive month of double-digit growth underpinned by liquefied natural gas and crude petroleum.
On Malaysia’s trade performance with major markets, Azmin said Asean trade constituted 29.3% of total trade in May 2022, growing by 54.6% y-o-y to RM66.99 billion.
He noted that exports expanded by 44.2% to RM37.00 billion as a result of higher exports of E&E products and petroleum products, while imports from Asean surged by 69.7% to RM29.99 billion.
Trade with China in May 2022 made up 16.3% of Malaysia’s total trade; it rose 11.1% y-o-y to RM37.17 billion, the 18th successive month of double-digit growth with exports growing 10.1% to RM15.27 billion following robust exports of E&E products, while imports increased by 11.9% to RM21.89 billion.
The US contributed 8.8% to Malaysia’s total May trade, growing by 22.0% y-o-y to RM20.06 billion. Exports were up 15.5% to RM12 billion underpinned by E&E products, while imports rose by 33.1% to RM8.06 billion.
EU trade, representing 7.6% of Malaysia’s total trade, climbed 30.0% y-o-y to RM17.42 billion; exports increased 30.2% to RM9.76 billion, while imports also edged up by 29.7% to RM7.66 billion.
May’s Japanese trade figures, constituting 5.9% of Malaysia’s total trade, grew by 13.6% y-o-y to RM13.38 billion; exports climbed 14% to RM6.97 billion, while imports were up by 13.3% to RM6.41 billion.
Trade with free trade agreement partners in May 2022, accounting for 67.3% of Malaysia’s total trade, rose by 32.7% y-o-y to RM153.68 billion, with exports expanded 30.8% to RM81.95 billion, and imports up 35.0% to RM71.73 billion. – Bernama, June 17, 2022
