Malaysia posts double-digit trade growth in July

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KUALA LUMPUR: Malaysia’s total trade continued its upward trend, increasing by 39.8% year-on-year (year-on-year) in July 2022, with double-digit increases in exports and imports.

According to a statement from the Ministry of International Trade and Industry (Miti), the country’s exports increased by 38% to RM134.07 billion while imports increased by 41.9% to RM118.58. billion RM with a total trade value of RM252.65 billion.

The trade surplus widened by 14.3% to RM15.49 billion.

“Export growth was driven by increased demand for electrical and electronic (E&E) products, petroleum products as well as liquefied natural gas (LNG),” Miti said.

Exports to major trading partners including ASEAN, US, EU and Japan recorded double-digit growth.

It should be noted that trade with Asean jumped 63% to RM73.31 billion, with exports rising 55.6% to RM42.53 billion, the highest monthly value on record.

On a segmental basis, exports of manufactured goods increased by 35.4% year-on-year to RM112.26 billion owing to higher exports of electrical and electronic products, petroleum products, machinery, equipment and parts and manufactures of metallic, optical and scientific equipment as well as chemical products.

Outbound shipments of mining products doubled year-on-year to RM10.81 billion on the back of growth in LNG and crude oil exports.

Exports of agricultural goods meanwhile increased by 24.1% to RM10.52 billion on the back of strong exports of palm oil and palm oil-based agricultural products.

Driving the increase in imports was a 32.2% jump in intermediate goods following an increase in imports of processed industrial supplies, a 29.6% jump in capital goods and a 33.2% increase in consumer goods.

Miti noted that despite the robust July figures, July’s total trade, exports, imports and trade surplus were sequentially lower than the previous month, falling 6.5%, 8.2%, 4% respectively. .5% and 29.1%.

During the period January to July 2022, trade increased by 29.9% to RM1.608 billion compared to the same period last year.

Exports and imports increased by 27.8% and 32.5% to RM873.07 billion and RM734.51 billion respectively, while the trade surplus increased by 7.4% to RM138.56 billion.

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