Malaysia’s trade hits record high, surpassing RM2 trillion

Malaysia’s total trade surpassed the RM2 trillion mark for the first time in history, expanding 24.6% year-on-year (y-o-y) to RM2.01 trillion from January to November 2021.

Malaysia External Trade Development Corporation (Matrade) said during the period, exports increased by 25.7% y-o-y to RM1.11 trillion, imports rose by 23.3% y-o-y to RM894.42 billion and trade surplus edged up by 36.2% y-o-y to RM221.53 billion.

In a statement today, it said for the first 11 months of 2021, all products recorded export expansions except for transport equipment and beverages and tobacco.

“Exports of manufactured goods grew 25.3% y-o-y to RM961.89 billion, aided by growing exports of electrical and electronic (E&E) products, petroleum products, manufactures of metal, rubber products as well as chemicals and chemical products,” it said.

Matrade said exports of agriculture goods rose 37.3% y-o-y to RM87.03 billion due to strong exports of palm oil and palm oil-based agriculture products and natural rubber.

Additionally, exports of mining goods edged up 17.8% y-o-y to RM62.78 billion, buoyed by higher exports of liquefied natural gas (LNG), metalliferous ores and metal scrap, as well as crude petroleum, it said.

Meanwhile, it noted that trade breached the RM200 billion mark for the second time in a row in November 2021, marking the 10th consecutive month of double-digit growth since February 2021.

During the month, total trade expanded 34.9% y-o-y to RM205.5 billion, as exports rose 32.4% y-o-y to RM112.2 billion – the 15th consecutive month of y-o-y expansion since September 2020 – while imports were higher by 38% y-o-y at RM93.3 billion.

Trade surplus increased 10.5% y-o-y to RM18.9 billion.

It said exports of all major sectors recorded double-digit y-o-y growth on the back of higher exports of all products, except for rubber products and crude petroleum.

Exports of E&E products increased by 17.4% y-o-y to RM40.04 billion, accounting for 35.7% of total exports in November 2021.

“Petroleum products exports surged 111.6% y-o-y to RM9.65 billion and accounted for 8.6% of total exports, while export of palm oil and palm oil-based agriculture products surged 97.4% y-o-y to RM7.91 billion and accounted for 7.1% of total exports,” it said.

Matrade said exports of chemicals and chemical products rose 45.9% y-o-y to RM6.51 billion and took up 5.8% of total exports, while export of manufactures of metal surged 75.9% y-o-y to RM5.74 billion comprising 5.1% of total exports.

Meanwhile, it said exports to major markets, notably Asean, China, the US, the European Union and Japan, recorded double-digit growth in November 2021, with exports to Asean and the US registering an all-time high monthly value.

Asean accounted for 27.6% of Malaysia’s total trade, with trade and exports at an all-time high in November 2021, expanding by 45.5% y-o-y to RM56.63 billion.

Exports rose 39.4% y-o-y and imports climbed 54.8% y-o-y.

Meanwhile, trade with China accounted for 18.5% of Malaysia’s total trade, climbing 26.1% y-o-y to RM37.92 billion, with exports growing by 20.5% and imports increasing by 31.2%.

Matrade said exports to the US also rose to a record high in November 2021, increasing by 33.5% y-o-y to RM13.03 billion.

“Imports from the US were up by 18.1% y-o-y to RM6.69 billion; thus total trade with the US grew by 27.9% y-o-y to RM19.72 billion,” it said, adding that trade with the US accounted for 9.6% of Malaysia’s total trade during the month.

On a month-on-month basis, Matrade said Malaysia’s trade and imports grew by 1.5% and 5.9% respectively, while exports and trade surplus contracted by 1.9% and 28.1% respectively.