KUALA LUMPUR: Malaysia’s trade continued its upward trajectory in September 2022, rising by 31.4% to RM256.91 billion compared with the same month last year -– the 20th consecutive month of double-digit growth, said the Ministry of International Trade and Industry (Miti).
The trade value was the highest ever for the month of September.
Miti said exports increased by 30.1% to RM144.31 billion, marking the 14th successive month of double-digit growth, while imports expanded by 33.0% to RM112.60 billion.
“Malaysia’s trade surplus achieved a record high, expanding by 20.9% to RM31.71 billion,” it said in a statement today.
Miti said export growth was contributed mainly by robust external demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG), crude petroleum, optical and scientific equipment as well as machinery, equipment and parts.
Exports of E&E products, optical and scientific equipment as well as LNG registered the highest monthly value so far.
Exports to major trading partners, notably Asean, the United States, the European Union and Japan recorded double-digit growth. Exports to Japan registered the highest monthly value ever.
On a month-on-month (m-o-m) basis, exports and trade surplus rose by 2.2% and 86.1%, respectively, while trade and imports contracted by 3.2% and 9.4%, respectively.
Trade for the third quarter of 2022 (Q3’22) surged by 42.0% year-on-year to RM774.98 billion.
Exports increased by 38.3% to RM419.65 billion and imports expanded by 46.5% to RM355.32 billion.
“This was the highest quarterly value for trade, exports and imports,” the ministry said.
The trade surplus grew by 5.6% to RM64.33 billion.
Compared with the second quarter of 2022, trade, exports, imports and trade surplus rose by 6.1%, 6.5%, 5.7% and 10.8%, respectively.
In the first nine months of 2022, trade climbed by 32.9% to RM2.13 trillion from the same period last year.
Exports increased by 30.3% to RM1.16 trillion while imports grew by 36.2% to RM971.26 billion. The trade surplus widened by 6.3% to RM187.40 billion.
“Trade, exports, imports and trade surplus registered the highest value for the period,” Miti said.
On export performance by sector, the ministry said exports of manufactured goods in September 2022 reached their highest monthly value at RM122.23 billion or 84.7% of total exports, growing by 28.7% year-on-year (y-o-y).
“This was the 14th consecutive month of double-digit growth. E&E products, petroleum products, optical and scientific equipment as well as machinery, equipment and parts, each recorded more than RM1 billion increase in exports,” it added.
In September, the ministry said, trade with Asean grew by 33.6% y-o-y to RM67.85 billion, which accounted for 26.4% of Malaysia’s total trade.
Trade with China, which made up 17.1% of Malaysia’s total trade, climbed by 14.0% y-o-y to RM43.91 billion, with exports to the world’s second-largest economy recording a growth of 8% to RM20.09 billion due to higher shipments of E&E products.
Trade with the US in September 2022 made up 10.4% of Malaysia’s total trade. It expanded by 42.5% y-o-y to RM26.73 billion, the highest monthly value thus far.
Japan, meanwhile, accounted for 6.7% of Malaysia’s total trade, rising by 49.5% y-o-y to RM17.11 billion in September 2022. – Bernama
