Total trade soars 43.4% to new high of RM270.4b in June 2022
20 Jul 2022
Malaysia’s total trade recorded double-digit growth of 43.4 per cent year-on-year (y-o-y) in June 2022 to reach a new high of RM270.4 billion, according to the Department of Statistics Malaysia.
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said exports grew 38.8 per cent y-o-y to RM146.2 billion in June 2022, expanding for the 22nd straight month since September 2020, while imports surged 49.3 per cent y-o-y to RM124.2 billion.
He said exports were lifted by the upbeat performance of domestic exports and re-exports.
“Domestic exports were valued at RM110.6 billion, (representing) 75.7 per cent share of Malaysia’s total exports. It expanded sturdily by 30.6 per cent y-o-y, while re-exports registered RM35.6 billion, an increase of 72.2 per cent,” Mohd Uzir said in a statement today.
The country recorded the 26th consecutive month of trade surplus since May 2020, but the surplus in June shrank by 0.8 per cent to RM21.9 billion as imports grew faster than exports.
Total trade for the second quarter of 2022 grew by 32.7 per cent y-o-y to RM730.4 billion with exports surging by 30.0 per cent to RM394.2 billion and imports expanding 36.1 per cent to RM336.1 billion.
“This was the highest quarterly value for total trade, exports and imports thus far. A trade surplus of RM58.1 billion was recorded for the period, down by 10.6 per cent,” he added.
On the June 2022 export performance, Mohd Uzir said 189 out of 252 commodity groups showed growth against the same month last year, led by thermionic valves and tubes. As for imports, 198 of 259 groups posted growth.
The rise in exports was mainly due to higher exports to Singapore amounting to RM9.0 billion, the United States (US) (up RM3.9 billion), the European Union (EU) (up RM3.5 billion), Japan (up RM3.1 billion), Hong Kong (up RM2.7 billion), Indonesia (up RM2.3 billion), Bangladesh (up RM2.1 billion), India (up RM1.5 billion) and South Korea (up RM1.5 billion).
In terms of products, the export expansion was driven by electrical and electronic (E&E) products (up RM15.2 billion), petroleum products (up RM9.9 billion), liquefied natural gas (up RM3.8 billion), palm oil and palm oil-based agriculture products (up RM3.7 billion), machinery, equipment and parts (up RM1.4 billion), crude petroleum (up RM1.4 billion) and manufacture of metal (up RM1.0 billion).
As for imports, Singapore was also the top growth contributor with an increase of RM8.8 billion in value, followed by China (up RM5.8 billion), Taiwan (up RM3.6 billion), the US (up RM2.8 billion), EU (up RM2.4 billion), Saudi Arabia (up RM2.1 billion), Indonesia (up RM2.0 billion) and Australia (up RM1.9 billion).
The import growth was led by petroleum products (up RM11.7 billion), E&E products (up RM9.3 billion), transport equipment (up RM2.6 billion), crude petroleum (up RM2.6 billion), machinery, equipment and parts (up RM2.1 billion), chemical and chemical products (up RM1.9 billion) and gold, non-monetary (up RM1.8 billion.
Compared to May 2022, total trade, exports, imports and trade surplus showed growth of 18.4 per cent, 21.3 per cent, 15.2 per cent and 72.7 per cent, respectively.