28 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS TRADE PERFORMANCE FOR MALAYSIA 2022 In 2022, trade performance continued to excel as trade, exports, imports, and trade surplus figures achieved new record highs. This achievement is a positive indicator that the country’s trade performance is on a continued upward trajectory driven by high external demand and robust commodity prices. Trade performance recorded the fastest growth since 1994, achieving a significant milestone in surpassing the RM2 trillion mark for the second consecutive year. Total trade value saw a double-digit growth of 27.6% yearon-year to reach RM2.844 trillion with exports, imports, and trade surplus recording their highest values to date, respectively. Exports grew by 24.9% to RM1.55 trillion, exceeding the projections in the Twelfth Malaysia Plan 20212025 (12MP) three years ahead of the target. Import performance grew 31% to surpass the RM1 trillion mark for the first time ever, at RM1.294 trillion. Trade surplus increased 1% to RM256.2 billion, marking the 25th consecutive year of trade surplus. Malaysia’s five main trading partners in 2022 were ASEAN, China, the United States (US), the European Union (EU), and Japan. Collectively, these five markets accounted for 67.6% of Malaysia’s total trade. ASEAN was Malaysia’s largest export market, followed by China, the US, the EU, and Japan. These five markets contributed 68.1% to the country’s total exports. Meanwhile, the five main sources of imports were ASEAN, China, Taiwan, the US, and the EU, collectively contributing 68.8% to Malaysia’s total imports. In 2022, exports for the primary sectors of manufactured goods, agriculture goods, and mining products each recorded the highest figures on the back of double-digit growth. Export of manufactured goods grew by 22.1% from 2021, surpassing the RM1 trillion mark - for the second time - to RM1.305 trillion, setting a new high. This figure represents 84.2% of total exports. The E&E products sector was the largest contributor to exports, accounting for 38.3%, or RM592.96 billion, following growth of 30%. This increase was attributed to strong demand for semiconductors driven by rapid global technological advancements and the digitalisation of businesses. MAJOR TRADING PARTNERS ASEAN r China US EU Japan 67.6% of total trade Represent
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