MALAYSIA’S trade continued its upward trajectory, rising 39.8% to RM253 billion in July 2022 compared with RM181 billion in the same month last year, the Ministry of International Trade and Industry (MITI) said.

This was the 18th consecutive month of double-digit growth, according to Miti.

Minister Mohamed Azmin Ali said exports increased 38.0% to RM134 billion, posting the 12th successive month of double-digit growth, while imports expanded 41.9% to RM119 billion and trade surplus grew 14.3% to RM15.5 billion.

“The export growth was driven by higher demand for electrical and electronics (E&E) products, petroleum products as well as liquefied natural gas (LNG).

“Exports to major trading partners notably Asean, the United States (US), the European Union (EU) and Japan recorded double-digit growth, but the highest monthly export value was registered to Asean,” he said in a statement today.

On a month-on-month (m-o-m) basis, Azmin highlighted that trade, exports, imports and trade surplus slipped 6.5%, 8.2%, 4.5%, and 29.1%, respectively.

For January to July 2022 period, trade was up by 29.9% to RM1.61 trillion from the same period last year; exports increased 27.8% to RM873 billion and imports grew 32.5% to RM735 billion.

“Trade surplus climbed 7.4% to RM139 billion. Trade, exports, imports and trade surplus registered the highest value for the period,” he added.

Azmin said manufactured goods in July 2022, which represented 83.7% of total exports rose 35.4% year-on-year (y-o-y) to RM112 billion, the 12th straight month of double-digit expansion.

The growth was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, manufactures of metal, optical and scientific equipment, as well as chemicals and chemical products, with each recorded more than RM1 billion increase in exports, he added.

Exports of mining goods (8.1% share) soared 100.4% y-o-y to RM10.81 billion, the 16th successive month of double-digit growth, underpinned by growing exports of LNG and crude petroleum.

Exports of agriculture goods (7.8% share) increased 24.1% to RM10.5 billion compared to July 2021, the 17th consecutive month of double-digit growth, boosted by strong exports of palm oil and palm oil-based agriculture products.

Meanwhile, Azmin highlighted that imports performance for July 2022 saw intermediate goods, valued at RM61.8 billion or 52.1% of total imports, increased by 32.2% following higher imports of processed industrial supplies.

Capital goods, worth RM11 billion or 9.3% of total imports, expanded 29.6% due to higher imports of industrial transport equipment; while consumption goods, valued at RM8.52 billion or 7.2% of total imports, rose 33.2% as a result of higher imports of processed food and beverages mainly for household consumption.

The minister said trade with Asean in July 2022 surged 63.0% y-o-y to RM73.3 billion, constituting 29% of Malaysia’s total trade.

He noted that exports rose 55.6% to RM42.5 billion, the highest monthly value recorded thus far, while imports from Asean jumped 74.4% to RM30.8 billion.

Trade with China in July 2022, which made up 16.1% of Malaysia’s total trade, rose 19.3% y-o-y to RM40.6 billion, the 20th successive month of double-digit growth with exports registering a growth of 9.8% to RM15.9 billion following robust exports of E&E products, while imports increased 26.4% to RM24.7 billion.

Trade with the US trade which accounted for 9% of Malaysia’s total trade, grew 29.7% y-o-y to RM22.8 billion, with exports increasing by 20.5% to RM13.3 billion, underpinned by strong exports of E&E products, while imports from the US rose 45.3% to RM9.52 billion.

Trade with the EU in July 2022 climbed 14% y-o-y to RM17 billion, representing 6.7% of Malaysia’s total trade; exports increased 21.2% to RM9.57 billion and imports edged up 6.0% to RM7.47 billion.

In July 2022, trade with Japan, which constituted 5.9% of Malaysia’s total trade, rose 29.6% y-o-y to RM15 billion, with exports increasing 30.8% to RM7.71 billion, while imports increased 28.4% to RM7.29 billion.

“This was owing to higher exports of broad-based products: LNG, E&E, palm oil and palm oil-based products as well as wood products,” Azmin said. – Bernama, August 19, 2022.