KUALA LUMPUR, March 20 (NNN-Bernama) — Malaysia’s February trade data remained on an upward trajectory with double-digit year-on-year growth of 11 per cent to RM204.99 billion (US$45.7 billion) with exports expanding 9.8 per cent to RM112.28 billion (US$25.1 billion).
Imports for the month increased 12.4 per cent to RM92.71 billion (US$1 = RM4.48).
A trade surplus has been recorded for 34 consecutive months since May 2020, valued at RM19.56 billion.
“Trade, exports, and imports registered the highest monthly value for February. The export growth was supported by strong exports of petroleum products, electrical and electronic (E&E) products as well as liquefied natural gas (LNG),” the Ministry of International Trade and Industry (Miti) said in a statement Monday.
It said exports to major trading partners, notably ASEAN and the United States, recorded double-digit growth.
Miti said that compared to January 2023, the trade surplus grew by 7.9 per cent, while trade, exports, and imports slipped by 1.1 per cent, 0.3 per cent, and 1.9 per cent, respectively, due to shorter working days.
From January to February 2023, trade rose by 6.1 per cent to RM412.17 billion compared to the same period in 2022. Exports expanded by 5.4 per cent to RM224.93 billion and imports climbed by 7 per cent to RM187.24 billion.
The trade surplus edged down marginally by 1.8 per cent to RM37.69 billion. Trade, exports, and imports registered the highest value for the period, it said.
Major exports
Among the major exports, E&E products were valued at RM44.27 billion and accounted for 39.4 per cent of total exports, which increased by 11.7 per cent from February 2022.
Petroleum products were worth RM12.26 billion and made up 10.9 per cent of total exports, a surge of 67.5 per cent; chemicals and chemical products (RM6.16 billion, 5.5 per cent of total exports, decreased by 7.2 per cent); LNG (RM5.42 billion, 4.8 per cent of total exports, increased by 32.9 per cent); and palm oil and palm oil-based agriculture products (RM5.38 billion, 4.8 per cent of total exports, decreased by 13.8 per cent).
On a month-on-month basis, exports of manufactured and agricultural goods improved by 0.6 per cent and 2.1 per cent, respectively, while exports of mining goods fell by 10.1 per cent.
ASEAN takes lead
In February 2023, trade with ASEAN comprised 27.4 per cent of Malaysia’s total trade, rising by 10 per cent y-o-y to RM56.14 billion.
Exports grew by 14.8 per cent to RM33.69 billion, the 19th straight month of double-digit expansion, underpinned by higher exports of petroleum products and E&E products.
Imports from ASEAN expanded by 3.5 per cent to RM22.45 billion.
Exports to all ASEAN markets recorded growth except Vietnam. Exports to major markets that recorded increases were Singapore, which grew by RM4.01 billion, on account of robust exports of E&E products, Thailand (RM308.5 million, crude petroleum), and Indonesia (RM450.7 million, E&E products).
Compared to January 2023, trade and imports expanded by 1.6 per cent and 6.1 per cent, respectively while exports dropped by 1.2 per cent, said Miti.
For the period of January to February 2023, trade with Asean climbed by 7.8 per cent to RM111.4 billion compared to the same period in 2022. Exports to this region increased by 12.7 per cent to RM67.79 billion, driven by strong exports of petroleum products, E&E products, and crude petroleum.
Imports from ASEAN edged up by 0.8 per cent to RM43.61 billion.
Import performance
Total imports in February 2023 grew by 12.4 per cent year-on-year to RM92.71 billion.
The three main categories of imports by end-use, which accounted for 68.9 per cent of total imports, were intermediate goods, valued at RM48.98 billion, or 52.8 per cent of total imports, an increase of 3.3 per cent year-on-year, following higher imports of primary fuel and lubricants.
Capital goods, valued at RM7.89 billion or 8.5 per cent of total imports, declined by 0.3 per cent, due to lower imports of non-transport capital goods.
Consumption goods, valued at RM7.06 billion, or 7.6 per cent of total imports, grew by 1.2 per cent, as a result of higher imports of primary food and beverages mainly for household consumption.
During the period of January to February 2023, imports of intermediate goods contracted by 0.5 per cent to RM97.42 billion compared to the same period last year, capital goods (-1.2 per cent to RM17.57 billion) and consumption goods (-2.1 per cent to RM15.3 billion).
— NNN-BERNAMA
