Malaysia External Trade Development Corporation

MEDIA STATEMENT

MALAYSIA EXTERNAL TRADE STATISTICS

Year 2020 has been challenging to global trade as a result of the stringent lockdown measures imposed across the board due to the COVID-19 pandemic. This directly caused major disruptions to global supply chains, especially movement of goods and services, and severely affected manufacturing activities.

Despite this unprecedented scenario, Malaysia’s external trade performed fairly well with exports rebounding in the second half of 2020 as compared to the negative growth recorded in the first half of the year. This could be attributed to the progressive opening of the economy and gradual recovery of external demand. In fact, exports in December was the highest monthly value recorded for 2020.

Exports to China recorded a new high in 2020 and similar momentum was reported for the United States which posted the largest value in the last decade. There was significant export growth to the emerging markets notably Costa Rica, Kazakhstan, Kenya, Nigeria, Ghana and Cote d’Ivoire. Rubber products, electrical and electronics (E&E) products, as well as palm oil and palm oil-based agriculture products registered strong export expansion.

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Trade Performance : December 2020 and January - December 2020

Highest Trade Surplus Recorded for the Month of October

Malaysia’s trade surplus in October 2020 widened to RM22.12 billion, registering a double digit growth of 25.9% year-on-year (y-o-y) and was the highest trade surplus ever recorded for the month of October.

Exports reached RM91.05 billion in October 2020, increased by 0.2% compared to October 2019. This was the third highest export value recorded thus far. The expansion was supported mainly by higher exports to the United States (US), China, India and the United Kingdom (UK). Imports totalled RM68.93 billion, decreased by 6% while total trade valued at RM159.98 billion, contracted by 2.5%.

Compared to September 2020, total trade, exports and imports expanded by 2.6%, 2.4% and 2.9%, respectively. Trade surplus increased by 0.8%.

For the first 10 months of 2020, trade surplus recorded a double digit growth of 16.3% to RM147.04 billion compared to the same period of 2019. Total trade was valued at RM1.454 trillion, a decline of 4.9%. Exports which totalled RM800.59 billion, slipped by 3.3% while imports was RM653.55 billion, declined by 6.8%.

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Trade Performance : October 2020 and January - October 2020

Exports Continued to Expand for Three Consecutive Months

Malaysia’s exports in November 2020 increased by 4.3% to RM84.43 billion compared to the same month last year, registering three consecutive months of year-on-year (y-o-y) growth. The expansion was supported mainly by higher exports to the United States (US), Singapore, China and Hong Kong SAR.

Imports in November 2020 was RM67.61 billion, decreased by 9% y-o-y while total trade reached RM152.04 billion, contracted by 2%. Trade surplus amounted to RM16.82 billion, surged by 151.6% and was the highest trade surplus thus far for the month of November.

Compared to October 2020, total trade, exports, imports and trade surplus decreased by 5%, 7.3%, 1.9% and 24%, respectively.

For the first 11 months of 2020, trade surplus recorded a double digit growth of 23.1% to RM163.86 billion compared to the same period of 2019. Total trade was valued at RM1.606 trillion, a decline of 4.6%. Exports stood at RM885.02 billion, contracting by 2.6% while imports was RM721.16 billion, decreased by 7%.

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Trade Performance : November 2020 and January - November 2020

Highest Ever September Exports

Malaysia’s total trade in September 2020 expanded by 5.5% to RM155.88 billion compared to September 2019. Increases in trade were recorded primarily with China, Hong Kong SAR, the United States (US), the Netherlands and Taiwan. Exports rebounded by a double digit growth of 13.6% to RM88.93 billion, the highest export value ever recorded for the month of September. Imports decreased by 3.6% to RM66.96 billion.

Trade surplus in September 2020 surged by 149.3% year-on-year (y-o-y) to RM21.97 billion and was the highest trade surplus ever recorded for the month of September.

Compared to August 2020, total trade, exports and imports grew by 7.5%, 12.4% and 1.6%, respectively. Trade surplus recorded significant expansion of 66.3%.

Total trade for the third quarter (Q3) of 2020 amounted to RM460.87 billion, declined marginally by 0.5% compared to Q3 2019. Exports increased by 4.4% to RM260.62 billion while imports contracted by 6.3% to RM200.25 billion. Trade surplus grew by 68.4% to RM60.36 billion.

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Trade Performance : September 2020 and January - September 2020