Miti: Malaysia’s exports up 48pc to RM141b in August 2022

For January to August 2022, Miti said trade expanded by 33.1 per cent to RM1.873 trillion from the same period last year.

(Bernama) – Malaysia’s trade remained sturdy in August 2022 with exports jumping 48.2 per cent to RM141.33 billion, the 13th successive month of double-digit growth, the Ministry of International Trade and Industry (Miti) said.

The trade surplus stood at RM16.92 billion as imports surged 67.6 per cent to RM124.41 billion.

Total trade rallied 56.7 per cent to RM265.74 billion compared to August 2021, the 19th consecutive month of double-digit growth, it said in a statement today.

“The export expansion was attributed to higher shipments of electrical and electronic (E&E) products, petroleum products, palm oil and palm oil-based agriculture products, liquefied natural gas (LNG) as well as optical and scientific equipment.

“Exports of petroleum products, LNG, as well as optical and scientific equipment, registered the highest monthly value.

“Exports to major trading partners, notably Asean, China, the United States (US), the European Union (EU), and Japan recorded double-digit growth.

“The highest monthly export value was registered to Japan. On a month-on-month (m-o-m) basis, trade, exports, imports, and trade surplus grew by 5.2, 5.4, 5.0, and 8.6 per cent, respectively,” it said.

For January to August 2022, Miti said trade expanded by 33.1 per cent to RM1.873 trillion from the same period last year.

“Exports surpassed RM1 trillion, the shortest period to reach this milestone, expanding by 30.3 per cent to RM1.014 trillion.

“Imports climbed by 36.7 per cent to RM858.83 billion and the trade surplus was up by 3.7 per cent to RM155.57 billion. Trade, exports, imports, and trade surplus registered the highest value for the period,” it said.

According to the ministry, exports of manufactured goods in August, which represented 84.5 per cent of total exports, rose by 47.7 per cent year-on-year (y-o-y) to RM119.48 billion, the 13th consecutive month of double-digit expansion.

Miti said the growth was backed by higher exports of 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.

“Exports of mining goods (7.6 per cent share) soared by 59.1 per cent y-o-y to RM10.77 billion, the 17th successive month of double-digit growth underpinned by growing exports of LNG and crude petroleum.

“Exports of agriculture goods (7.4 per cent share) increased by 42.6 per cent to RM10.47 billion compared to August 2021, the 18th consecutive month of double-digit growth. The expansion was aided by strong exports of palm oil and palm oil-based agriculture products,” it added.\