TRADE PERFORMANCE 2017
2017 Trade – The Strongest Growth in 13 years
Malaysia’s trade registered stellar performance in 2017, growing at the highest rate in 13 years. Trade surged by 19.4% to RM1.774 trillion, compared to RM1.486 trillion recorded the previous year.
This remarkable performance was contributed by higher trade with ASEAN, which expanded by 21% or RM84.49 billion, China (↑20.6% or RM49.68 billion), the European Union (EU) (↑17.5% or RM26.05 billion), the United States of America (USA) (↑16.3% or RM22.12 billion), Japan (↑14.7% or RM17.77 billion), Taiwan (↑24.3% or RM15.33 billion), India (↑26.2% or RM12.74 billion), Hong Kong SAR (↑22.7% or RM11.41 billion) and Australia (↑23.7% or RM10.06 billion).
Significant increases in trade were also recorded with the Republic of Korea (ROK), Turkey, the United Arab Emirates (UAE), New Zealand, Iran, South Africa, Mexico, Bangladesh, Iraq and Brazil.
Exports grew significantly by 18.9%, the strongest growth since 2005 to reach a new high of RM935.39 billion. Imports also recorded the highest value of RM838.14 billion, expanding by 19.9%. Trade surplus widened by 10.3% to RM97.25 billion, the largest surplus registered since 2012. This was the 20th consecutive year of trade surplus since 1998.
Major highlights on exports in 2017:
• Double digit y-o-y growth recorded for every single month of the year, except for June and December;
• All sectors recorded strong expansion with double digit growth;
• Double digit y-o-y growth for electrical and electronics (E&E) exports except for December, driven by strong global demand for smart electronics;
• Sharp rebound in export growth of major commodities as world prices improved;
• Exports to almost all major markets recorded a new high;
• Higher exports to ASEAN with growth recorded to all markets except for Lao PDR;
• Increased exports to Free Trade Agreement (FTA) partners; particularly to ASEAN, China, Japan, the ROK, Australia, Turkey, India, New Zealand, Pakistan and Chile;
• Robust export growth to advanced countries, in particular, the USA and the EU notably the Netherlands and Germany; and
• Greater demand from emerging markets such as Mexico, Brazil and South Africa.
Trade Performance : December 2017 and January - December 2017