Malaysia’s trade continued its upward trend in July, posting double-digit growth for trade, exports, and imports.
International trade and Industry minister Datuk Seri Mohamed Azmin Ali said trade rose by 39.8 percent to RM252.65 billion compared to July 2021, which was the 18th consecutive month of double-digit growth.
Exports increased by 38 percent to RM134.07 billion, while imports expanded by 41.9 percent to RM118.58 billion.
The trade surplus grew by 14.3 percent to RM15.49 billion.
“The export growth was driven by higher demand for electrical and electronic (E&E) products, petroleum products, as well as liquefied natural gas (LNG).
“Exports to major trading partners, notably ASEAN, the United States (US), the European Union (EU) and Japan recorded double-digit growth.
“Malaysia also registered the highest monthly export value to ASEAN,” he said in a statement.
On a month-on-month basis, trade, exports, imports and trade surplus slipped by 6.5 percent, 8.2 percent, 4.5 percent and 29.1 percent, respectively.
He said that from January to July, trade was up by 29.9 percent to RM1.608 trillion from the same period last year.
Exports increased by 27.8 percent to RM873.07 billion, and imports grew by 32.5 percent to RM734.51 billion.
“Trade surplus climbed by 7.4 percent to RM138.56 billion. Trade, exports, imports and trade surplus registered the highest value for the period,” said the senior minister.
Exports of manufactured goods in July accounted for 83.7 percent of total exports, rose by 35.4 percent year-on-year (YoY) to RM112.26 billion, attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, manufacture of metal, optical and scientific equipment as well as chemicals and chemical products.
Each recorded a more than RM1 billion increase in exports.
Exports of mining goods (8.1 percent share) soared by 100.4 percent YoY to RM10.81 billion, and exports of agriculture goods (7.8 percent share) expanded 24.1 percent to RM10.52 billion versus July last year.
“In July, trade with ASEAN surged by 63 percent YoY to RM73.31 billion, constituting 29 percent of Malaysia’s total trade.
“Exports rose by 55.6 percent to RM42.53 billion, and the highest monthly value recorded thus far.
“This was attributed to higher exports of E&E products, petroleum products and machinery, equipment and parts,” said Mohamed Azmin.
Imports from ASEAN leapt by 74.4 percent to RM30.78 billion.
As for trade with China, which made up 16.1 percent of Malaysia’s total trade, the figure rose by 19.3 percent YoY to RM40.58 billion.
Exports to China registered a growth of 9.8 percent to RM15.88 billion following robust exports of E&E products, while imports from China increased by 26.4 percent to RM24.70 billion.
However, compared to June 2022, trade, exports and imports contracted by 8.8 percent, 13.4 percent and 5.6 percent, respectively.
Trade with the US, which contributed nine per cent of Malaysia’s total trade, grew by 29.7 per cent YoY to RM22.82 billion, while trade with the EU climbed by 14.0 per cent YoY to RM17.04 billion, representing 6.7 per cent of Malaysia’s total trade.
