Malaysia posts double-digit trade growth in July

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KUALA LUMPUR: Malaysia's total trade continued to trend higher, expanding 39.8% year-on-year (y-o-y) in July 2022 with double-digit increases in both exports and imports.

According to a statement by the Ministry of International Trade and Industry (Miti), the country's exports increased 38% to RM134.07bil while imports expanded 41.9% to RM118.58bil for a total trade value of RM252.65bil.

The trade surplus broadened 14.3% to RM15.49bil.

"The export growth was driven by higher demand for electrical and electronic (E&E) products, petroleum products as well as liquefied natural gas (LNG)," said Miti.

Exports to major trading partners comprising Asean, the US, the EU and Japan recorded double-digit growth.

Of note, trade with Asean surged 63% to RM73.31bil, with exports rising 55.6% to RM42.53bil, the highest monthly value on record.

On a segmental basis, exports of manufactured good rose 35.4% y-o-y to RM112.26bil due to higher exports of electrical and electronics products, petroleum products, machinery, equipment and parts and manufactures of metal, optical and scientific equipment as well as chemical products.

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Outgoing shipments of mining goods doubled y-o-y to RM10.81bil on growing exports of LNG and crude petroleum.

Agriculture goods exports meanwhile increased 24.1% to RM10.52bil on strong exports of palm oil and palm-oil based agriculture products.

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

Miti noted that despite the robust July figures, July's total trade, exports, imports and trade surplus were sequentially lower than in previous month, slipping 6.5%, 8.2%, 4.5% and 29.1% respectively.

Over the January to July 2022 period, trade was up 29.9% to RM1.608 trillion from the same period last year.

Exports and imports grew 27.8% and 32.5% to RM873.07bil and RM734.51bil respectively, while trade surplus climbed 7.4% to RM138.56bil.