KUALA LUMPUR, June 28 (NNN-Bernama) — Malaysia’s total trade grew by 26 per cent year-on-year (y-o-y) to RM867.4 billion in the first five months of 2021, the Ministry of International Trade and Industry (MITI) said.
Trade surplus surged by 112.2 per cent to RM92.79 billion, as exports rose by 31.1 per cent to RM480.09 billion and imports increased by 20.1 per cent to RM387.31 billion.
The ministry said the country’s trade performance maintained its upward trend in May 2021 with trade expanding by 48.7 per cent to RM170.88 billion compared to May 2020.
“Exports surged by 47.3 per cent to RM92.31 billion, the ninth consecutive month of y-o-y expansion since September 2020 while imports rose by 50.3 per cent to RM78.57 billion and trade surplus expanded by 32.3 per cent to RM13.74 billion,” it said in a statement Monday.
MITI said the export growth was contributed mainly by robust demand for electrical and electronic (E&E) products, mainly semiconductors, due to the increasing orders for work-from-home equipment and digitalisation of businesses, as well as rubber and petroleum products.
All major markets, namely ASEAN, China, the United States, the European Union and Japan, registered positive export growth.
On a month-on-month basis, trade, exports, imports and trade surplus contracted by 10.4 per cent, 12.6 per cent, 7.8 per cent and 32.5 per cent, respectively.
Elaborating on trade with ASEAN, MITI said the figure grew by 54.2 per cent y-o-y to RM43.33 billion, or 25.4 per cent of Malaysia’s total trade.
Exports had sustained double-digit growth since February 2021, increasing by 49.4 per cent to RM25.66 billion due to higher exports of E&E products, petroleum products as well as crude petroleum.
Meanwhile, imports from ASEAN increased by 61.8 per cent to RM17.67 billion.
In the first five months of 2021, trade with ASEAN expanded by 29.5 per cent y-o-y to RM224.94 billion.
“Exports to this region rose by 27 per cent to RM134.88 billion buoyed by higher exports of E&E products, chemicals and chemical products, machinery, equipment and parts as well as manufactures of metal. Imports from ASEAN expanded by 33.4 per cent to RM90.06 billion,” MITI said.
However, compared to April 2021, trade, exports and imports declined by 13 per cent, 15.9 per cent and 8.6 per cent, respectively.
Meanwhile, trade with China during the January-May 2021 period grew by 34.1 per cent to RM161.6 billion compared with the same period of 2020.
MITI said exports rose by 30.5 per cent to RM71.31 billion attributed to higher exports of E&E products, manufactures of metal as well as liquefied natural gas, while imports from China increased by 37.2 per cent to RM90.28 billion.
In May 2021, trade with free trade agreement (FTA) partners increased by 51.8 per cent y-o-y to RM115.8 billion, accounting for 67.8 per cent of Malaysia’s total trade.
Exports to FTA partners jumped by 46.6 per cent to RM62.67 billion and imports surged by 58.5 per cent to RM53.13 billion.
For the Jan-May 2021 period, trade with FTA partners rose by 26.2 per cent y-o-y to RM582.03 billion, which represented 67.1 per cent of Malaysia’s total trade.
— NNN-BERNAMA