Malaysia continues its stellar trade performance, registering an all-time record high for trade, exports and imports in June. Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the country's total trade increased 43.4 per cent to RM270.39 billion compared to June 2021. "This is the 17th consecutive month of double-digit growth," Azmin said in a statement. Exports recorded the 11th consecutive month of double-digit expansion, registering a strong growth of 38.8 per cent to RM146.16 billion. Imports rose 49.3 per cent to RM124.23 billion while trade surplus declined marginally by 0.8 per cent to RM21.93 billion. The export growth was contributed by strong demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG) as well as palm oil and palm oil-based agriculture products. In June 2022, exports of all three sectors recorded strong double-digit growth compared to the same month last year. Exports of manufactured goods reached its highest monthly value at RM122.07 billion or 83.5 per cent of total exports, increased by 33.8 per cent year- on-year and was the 11th consecutive month of double-digit growth. According to Azmin, exports to most major trading partners notably Asean, the United States (US), the European Union (EU) and Japan recorded double-digit growth.
He said exports to major markets in Asean that recorded expansion were Singapore which rose by RM8.99 billion due to higher exports of E&E products, Thailand (RM1.12 billion, LNG), Indonesia (RM2.27 billion, petroleum products), Vietnam (RM623.7 million, crude petroleum) and the Philippines (RM572.4 million, petroleum products). "Highest monthly export value was registered to Asean, the US and the EU," he said. On a monthly basis, trade, exports, imports and trade surplus expanded by 18.4 per cent, 21.3 per cent, 15.2 per cent and 72.7 per cent respectively. Trade for the second quarter (Q2) of 2022 grew by 32.7 per cent to RM730.36 billion, compared to Q2 2021. Exports climbed 30.0 per cent to RM394.24 billion and imports increased 36.1 per cent to RM336.13 billion. Azmin said this was the highest quarterly value for trade, exports and imports. "Trade surplus edged up by 3.2 per cent to RM58.11 billion. "Compared to the first quarter 2022, trade, exports and imports rose by 16.9 percent, 14.3 per cent and 20.1 per cent, respectively while the trade surplus contracted by 10.6 per cent," he said.