Malaysia’s trade performance continued its upward momentum in April 2022 with total trade increasing 21.3% year-on-year (y-o-y) to RM231.44 billion, marking the 15th consecutive month of double-digit growth. In a statement on Thursday (May 19), the Ministry of International Trade and Industry (MITI) said trade, exports, imports and trade surplus registered the highest monthly value for the month of April. It said exports increased 20.7% to RM127.49 billion, the ninth successive month of double-digit y-o-y expansion. Imports, meanwhile, grew 22% to RM103.95 billion and trade surplus expanded 15.7% to RM23.55 billion. “The export growth was boosted by higher shipments of electrical and electronic (E&E) products, mainly semiconductors driven by global digitalisation trends. “Exports to major markets notably ASEAN, China, the United States (US), the European Union (EU) and Japan recorded double-digit growth. “Meanwhile, exports to the US recorded the highest monthly value ever,” said the statement. MITI added that on a month-on-month (m-o-m) basis, trade, exports, imports and trade surplus declined 2.1%, 3.1%, 0.9% and 11.6% respectively. MITI noted that the highest value recorded for trade, exports, imports and trade surplus was from January to April 2022. “Trade increased 22.9% to RM856.21 billion, compared to the same period last year. “Exports surged 21.8% to RM472.39 billion and imports went up 24.3% to RM383.82 billion. Trade surplus grew 12.1% to RM88.57 billion,” it said.
On the export performance of major sectors, MITI said double-digit export growth were recorded for all major sectors in April 2022. Exports of manufactured goods in April 2022, which absorbed 84.2% of total exports, rose 17.2% y-o-y to RM107.39 billion, said MITI. It added that this was underpinned by higher exports of E&E products, manufactures of metal, chemicals and chemical products, as well as palm oil-based manufactured products, each recording more than RM1 billion increase in exports. MITI said exports of agriculture goods (8%share) increased 29.9% to RM10.2 billion compared to April 2021, the 14th consecutive month of double-digit growth, driven by higher exports of palm oil and palm oil-based agriculture products. Exports of mining goods (7.3% share), expanded 64.6% y-o-y to RM9.33 billion, the 13th successive month of double-digit growth, bolstered by growing exports of liquefied natural gas (LNG) and crude petroleum, it added. Compared to March 2022, exports of manufactured, agriculture and mining goods contracted 1.9%, 3.5% and 13.4% respectively, MITI noted. For the period of January to April 2022, it said exports of manufactured goods grew 17.6% to RM399.04 billion compared to the same period in 2021, boosted by strong exports of E&E products, petroleum products, manufactures of metal, chemicals and chemical products, as well as palm oil-based manufactured products. Exports of agriculture goods climbed 43.6% to RM37.37 billion, buoyed by higher exports of palm oil and palm oil-based agriculture products. Meanwhile, exports of mining goods surged 60.4% to RM33.74 billion, contributed by higher shipments of LNG, crude petroleum, as well as metalliferous ores and metal scrap, it said.
On the trade performance with major markets in April 2022, MITI said trade with ASEAN accounted for 26.1% of Malaysia’s total trade, growing 21.4% y-o-y to RM60.48 billion. MITI added that exports expanded 14.2% to RM34.84 billion, driven mainly by higher exports of E&E products, while imports from ASEAN surged 32.7% to RM25.64 billion. Exports to major markets in ASEAN that recorded increases were Singapore, which grew by RM1.42 billion due to higher exports of E&E products, Thailand (+RM1.07 billion, crude petroleum), Vietnam (+RM1.05 billion, E&E products), Indonesia (+RM728.5 million, petroleum products) and the Philippines (+RM229.2 million, iron and steel products). Compared to March 2022, trade, exports and imports fell 8%, 11.4% and 3% respectively. MITI said trade with ASEAN in the first four months of 2022, edged up 26.4% to RM229.62 billion compared to the same period in 2021, with exports to this region rising 23.0% to RM134.3 billion. Meanwhile, imports from ASEAN increased 31.7% to RM95.32 billion. MITI said trade with China in April 2022, which comprised 16.9% of Malaysia’s total trade, expanded 10.1% y-o-y to RM39.22 billion. Exports registered a 12.4% growth to RM17.36 billion, bolstered mainly by higher exports of E&E products, while imports climbed 8.3% to RM21.85 billion. Compared to March 2022, trade and imports were up 0.5% and 3% respectively. MITI said trade with China during the first four months of 2022 grew 17.5% to RM150.56 billion, compared to the same period in 2021.
Trade with the US in April 2022, which represented 9.6% of Malaysia’s total trade, increased 21.1% y-o-y to RM22.13 billion. MITI said exports to the US registered RM14.35 billion, expanding 18.1% on the back of higher exports of E&E products, while imports expanded 27.2% to RM7.78 billion. “On a m-o-m basis, trade, exports and imports grew 5.6%, 5.7% and 5.3% respectively. “From January to April 2022, trade with the US increased 16.7% to RM78.79 billion compared to the same period in 2021,” it noted. Trade with the EU, which contributed 8% to Malaysia’s total trade in April 2022, leaped 24.2% y-o-y to RM18.5 billion, said MITI. Exports edged up 30.5% to RM11.54 billion, the seventh consecutive month of double-digit growth, supported by higher exports of manufactures of metal, as well as E&E products. Imports from the EU rose 15.1% to RM6.96 billion, MITI added. On a month-on-month basis, trade and imports grew 1.1% and 4% respectively. Exports declined 0.5% and during the first four months of 2022, trade with the EU climbed 19.7% to RM68.33 billion compared to the same period of 2021, it said. MITI said trade with Japan, which made up 6.4% of Malaysia’s total trade, increased 12.8% y-o-y to RM14.92 billion. Exports edged up 22.1% to RM7.58 billion, the 14th straight month of double-digit expansion buoyed mainly by higher exports of LNG, while imports from Japan rose 4.5% to RM7.34 billion. “Compared to March 2022, imports increased 0.7%, while trade and exports were down 7.3% and 13.9% respectively. “From January to April 2022, trade with Japan expanded 13.1% to RM56.66 billion compared to the same period in 2021,” MITI said.
On trade with Free Trade Agreement (FTA) partners in April 2022, which comprised 65.7% of Malaysia’s total trade, MITI said it surged 19.5% y-o-y to RM152 billion. Exports to FTA partners rose 20.3% to RM84.23 billion and imports edged up 18.4% to RM67.77 billion. Exports to South Korea increased 54.6% to RM4.38 billion on robust exports of iron and steel products, Hong Kong (+20.4% to RM7.15 billion, E&E products) and Australia (+57.7% to RM5.11 billion, crude petroleum). Meanwhile, MITI said exports to India expanded 37.9%to RM5.06 billion due to higher exports of palm oil and palm oil-based agriculture products, Turkey (+42.7% to RM1.85 billion, manufactures of metal) and New Zealand (+44.8% to RM416.3 million, petroleum products). “Compared to March 2022, imports rose 1.1%, while trade and exports contracted 2.5% and 5.3% respectively. “Trade with FTA partners during the first four months of 2022, which took up 66.6% of Malaysia’s total trade, increased 22.4% to RM570.45 billion compared to the same period in 2021,” MITI noted. On Malaysia’s total imports in April 2022, MITI said it grew 22% y-o-y to RM103.95 billion, with three main categories of imports by end use accounting for 74.0% of total imports. These include intermediate goods, valued at RM59.59 billion or 57.3% of total imports, which increased 28.1%; capital goods, valued at RM9.10 billion or 8.8% of total imports, contracted by 2.4%; and consumption goods, valued at RM8.28 billion or 8% of total imports, which rose 9.7%. MITI added that during the period of January to April 2022, imports climbed 24.3% to RM383.82 billion compared to the same period in 2021.