Malaysia’s trade crosses RM2 trln mark, first time in history

Malaysia’s trade crosses RM2 trln mark, first time in history

KUALA LUMPUR: Malaysia’s total trade surpassed the RM2 trillion mark for the first time in history, expanding 24.6 per cent year-on-year (y-o-y) to RM2.01 trillion from January to November 2021.

Malaysia External Trade Development Corporation (Matrade) said during the period, exports increased by 25.7 per cent y-o-y to RM1.11 trillion, imports rose by 23.3 per cent y-o-y to RM894.42 billion and trade surplus edged up by 36.2 per cent y-o-y to RM221.53 billion.

In a statement today, it said for the first 11 months of 2021, all products recorded export expansions, except for transport equipment as well as beverages and tobacco.

“Exports of manufactured goods grew 25.3 per cent y-o-y to RM961.89 billion, aided by growing exports of electrical and electronic (E&E) products, petroleum products, manufactures of metal, rubber products as well as chemicals and chemical products,” it said.

Matrade said exports of agriculture goods rose 37.3 per cent y-o-y to RM87.03 billion due to strong exports of palm oil and palm oil-based agriculture products and natural rubber.

Additionally, exports of mining goods edged up 17.8 per cent y-o-y to RM62.78 billion, buoyed by higher exports of liquefied natural gas (LNG), metalliferous ores and metal scrap, as well as crude petroleum, it said.

Meanwhile, it noted that trade breached the RM200 billion mark for the second time in a row in November 2021, marking the 10th consecutive month of double-digit growth since February 2021.

During the month, total trade expanded 34.9 per cent y-o-y to RM205.5 billion, as exports rose 32.4 per cent y-o-y to RM112.2 billion — the 15th consecutive month of y-o-y expansion since September 2020 — while imports were higher by 38 per cent y-o-y at RM93.3 billion.

Trade surplus increased 10.5 per cent y-o-y to RM18.9 billion.

It said exports of all major sectors recorded double-digit y-o-y growth on the back of higher exports of all products, except for rubber products and crude petroleum.

For instance, it said exports of E&E products increased by 17.4 per cent y-o-y to RM40.04 billion, accounting for 35.7 per cent of total exports in November 2021.

“Petroleum products exports surged 111.6 per cent y-o-y to RM9.65 billion and accounted for 8.6 per cent of total exports, while export of palm oil and palm oil-based agriculture products surged 97.4 per cent y-o-y to RM7.91 billion and accounted for 7.1 per cent of total exports,” it said.

Matrade said exports of chemicals and chemical products rose 45.9 per cent y-o-y to RM6.51 billion and took up 5.8 per cent of total exports, while export of manufactures of metal surged 75.9 per cent y-o-y to RM5.74 billion and made 5.1 per cent of total exports.

Meanwhile, it said exports to major markets, notably Asean, China, the United States (US), the European Union (EU) and Japan recorded double-digit growth in November 2021, with exports to Asean and the US registering an all-time high monthly value.

Asean accounted for 27.6 per cent of Malaysia’s total trade, with trade and exports at an all-time high in November 2021, expanding by 45.5 per cent y-o-y to RM56.63 billion.

Exports rose 39.4 per cent y-o-y and imports climbed 54.8 per cent y-o-y.

Meanwhile, trade with China accounted for 18.5 per cent of Malaysia’s total trade, climbing 26.1 per cent y-o-y to RM37.92 billion, with exports growing by 20.5 per cent and imports increasing by 31.2 per cent.

Matrade said exports to the US also rose to a record high in November 2021, increasing by 33.5 per cent y-o-y to RM13.03 billion.

“Imports from the US was up by 18.1 per cent y-o-y to RM6.69 billion; thus total trade with the US grew by 27.9 per cent y-o-y to RM19.72 billion,” it said, adding that trade with the US accounted for 9.6 per cent of Malaysia’s total trade during the month.

On a month-on-month (m-o-m) basis, Matrade said Malaysia’s trade and imports grew by 1.5 per cent and 5.9 per cent, respectively, while exports and trade surplus contracted by 1.9 per cent and 28.1 per cent, respectively.

-Bernama