KUALA LUMPUR, Feb 18 (NNN-Bernama) — Malaysia’s trade in January 2022 continued to be resilient, expanding 24.8 per cent to RM203.05 billion (RM1 = US$0.24) compared to that of January 2021, the Ministry of International Trade and Industry (MITI) said.
In a statement today, MITI said exports accelerated 23.5 per cent to RM110.73 billion in January 2022, the sixth successive month of double-digit expansion since August 2021, while imports increased 26.4 per cent to RM92.32 billion and trade surplus grew 10.9 per cent to RM18.4 billion.
The ministry said export expansion was underpinned by higher global demand primarily for exports of electrical and electronics (E&E) products, as well as palm oil and palm oil-based agriculture products.
Malaysia posted higher double-digit exports from most major markets, namely ASEAN, China, the United States (US), the European Union (EU), and Japan.
Compared to December 2021, trade, exports, imports and trade surplus declined 6.3 per cent, 10.6 per cent, 0.6 per cent and 40.6 per cent, respectively, due to high base effect and seasonal factors following new year holidays.
“In January 2022, all major sectors recorded double-digit year-on-year (yoy) expansion, supported by significant export growth for almost all key products.
“Exports of manufactured goods, which made up 85.5 per cent of total exports, grew 19.3 per cent to RM94.67 billion,” it said.
MITI said electric and electronics (E&E) products, manufactures of metal, petroleum products, chemicals and chemical products, palm oil-based manufactured products, as well as machinery, equipment and parts each recorded over RM1 billion increase in exports.
In addition, exports of agriculture goods (7.9 per cent share) surged 75.6 per cent to RM8.77 billion, the 11th consecutive month of double-digit growth since March 2021, and the growth was boosted by strong exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (6.2 per cent share) edged up 38.4 per cent to RM6.82 billion, the 10th successive month of double-digit growth since April 2021, on the back of higher exports of liquefied natural gas (LNG).
In January 2022, trade with ASEAN took up 25.7 per cent of Malaysia’s total trade leaped by 21.4 per cent yoy to RM52.23 billion.
MITI said exports expanded 19.5 per cent to RM30.76 billion following robust exports of petroleum products and E&E products, while imports from ASEAN climbed 24.2 per cent to RM21.48 billion.
It said exports to most ASEAN countries recorded significant increases notably to Singapore, growing RM2.11 billion due to higher exports of petroleum products.
Exports to Thailand and Vietnam registered an increase of RM902.2 million and RM689.4 million, respectively, attributed to higher exports of E&E products, Indonesia (+RM850.2 million, petroleum products) as well as the Philippines (+RM240.5 million, palm oil and palm oil-based agriculture products).
Likewise, trade with China edged up 33.7 per cent yoy to RM39.99 billion in January 2022, the 14th consecutive month of double-digit growth.
“Exports to China rose 28.7 per cent to RM16.88 billion, the fifth consecutive month of double-digit expansion since September 2021, driven by strong exports of E&E products and LNG, while imports from China increased 37.6 per cent to RM23.12 billion,” it said.
The ministry said trade with the US which accounted for 9.1 per cent of Malaysia’s total trade grew 16.2 per cent yoy to RM18.51 billion, with exports rose 17.7 per cent to RM12.14 billion underpinned mainly by growing exports of E&E products, while imports from the US up 13.3 per cent to RM6.37 billion, in January 2022.
It added that total trade with the EU in January 2022 widened 24.5 per cent yoy to RM16.46 billion, registering the 12th consecutive month of double-digit growth.
“Exports increased 14.6 per cent to RM9.19 billion on account of higher exports of E&E products, palm oil and palm oil-based products, as well as iron and steel products, while imports from the EU climbed 40 per cent to RM7.27 billion,” it said.
Meanwhile, trade with Japan, which made up 6.3 per cent of Malaysia’s total trade leaped 10.2 per cent yoy to RM12.85 billion in January 2022.
Exports edged up 10 per cent to RM7.13 billion, the 11th successive month of double-digit expansion since March 2021, underpinned by strong exports of manufactures of metal, LNG as well as iron and steel products.
On the other hand, imports from Japan grew 10.5 per cent to RM5.72 billion.
— NNN-BERNAMA
