Trade Performance for April 2022 and The Period of January - April 2022
Highest Trade, Exports, Imports and Trade Surplus for the Month of April
Malaysia’s trade performance maintained its upward momentum in April 2022 with trade, exports, imports and trade surplus registered the highest monthly value for the month of April. Trade rose by 21.3% to RM231.44 billion compared to April 2021, the 15th consecutive month of double-digit growth. Exports increased by 20.7% to RM127.49 billion, the ninth successive month of double-digit year-on-year (y-o-y) expansion. Imports grew by 22% to RM103.95 billion and trade surplus expanded by 15.7% to RM23.55 billion.
The export growth was boosted by higher shipments of electrical and electronic (E&E) products mainly semiconductors driven by global digitalisation trends. Exports to major markets notably ASEAN, China, the United States (US), the European Union (EU) and Japan recorded double-digit growth. Meanwhile, exports to the US recorded the highest monthly value ever.
On a month-on-month (m-o-m) basis, trade, exports, imports and trade surplus declined by 2.1%, 3.1%, 0.9% and 11.6%, respectively.
For the period of January to April 2022, the highest value was recorded for trade, exports, imports and trade surplus. Trade climbed by 22.9% to RM856.21 billion compared to the same period last year. Exports jumped by 21.8% to RM472.39 billion and imports was up by 24.3% to RM383.82 billion. Trade surplus grew by 12.1% to RM88.57 billion.
Export Performance of Major Sectors
Double-Digit Export Growth Recorded for All Major Sectors
Exports of manufactured goods in April 2022 which absorbed 84.2% of total exports rose by 17.2% y-o-y to RM107.39 billion underpinned by higher exports of E&E products, manufactures of metal, chemicals and chemical products as well as palm oil-based manufactured products, each recorded more than RM1 billion increase in exports.
Exports of agriculture goods (8% share) increased by 29.9% to RM10.2 billion compared to April 2021, the 14th consecutive month of double-digit growth. The expansion was driven by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (7.3% share) expanded by 64.6% y-o-y to RM9.33 billion, the 13th successive month of double-digit growth. The increase was bolstered by growing exports of liquefied natural gas (LNG) and crude petroleum.
Major exports in April 2022:
• E&E products, valued at RM47.06 billion and accounted for 36.9% of total exports,
increased by 27% from April 2021;
• Petroleum products, RM9.53 billion, 7.5% of total exports, decreased by 4%;
• Palm oil and palm oil-based agriculture products, RM8.02 billion, 6.3% of total
exports, increased by 35%;
• Chemicals and chemical products, RM7.22 billion, 5.7% of total exports, increased by 33.1%; and
• Manufactures of metal, RM7.13 billion, 5.6% of total exports, surged by 52.6%.
Compared to March 2022, exports of manufactured, agriculture and mining goods contracted by 1.9%, 3.5% and 13.4%, respectively.
For the period of January to April 2022, exports of manufactured goods grew by 17.6% to RM399.04 billion compared to the same period of 2021, boosted by strong exports of E&E products, petroleum products, manufactures of metal, chemicals and chemical products as well as palm oil-based manufactured products. Exports of agriculture goods climbed by 43.6% to RM37.37 billion buoyed by higher exports of palm oil and palm oil-based agriculture products. Exports of mining goods surged by 60.4% to RM33.74 billion contributed by higher shipments of LNG, crude petroleum as well as metalliferous ores and metal scrap.
Trade Performance with Major Markets
ASEAN – Robust Growth for Trade, Exports and Imports
In April 2022, trade with ASEAN accounted for 26.1% of Malaysia’s total trade, growing by 21.4% y-o-y to RM60.48 billion.
Exports was up by 14.2% to RM34.84 billion driven mainly by higher exports of E&E products. Imports from ASEAN jumped by 32.7% to RM25.64 billion. Breakdown of exports to ASEAN countries:
• Singapore RM16.96 billion, increased by 9.1%;
• Thailand RM5.60 billion, ↑23.7%;
• Viet Nam RM5.03 billion, ↑26.5%;
• Indonesia RM3.76 billion, ↑24.0%;
• Philippines RM2.35 billion, ↑10.8%;
• Brunei RM599.4 million, ↓34.2%;
• Cambodia RM279.2 million, ↑128.4%;
• Myanmar RM253.0 million, ↓2.8%; and
• Lao PDR RM5.7 million, ↑16.4%.
Exports to major markets in ASEAN that recorded increases were Singapore which grew by RM1.42 billion, due to higher exports of E&E products, Thailand (↑RM1.07 billion, crude petroleum), Viet Nam (↑RM1.05 billion, E&E products), Indonesia (↑RM728.5 million, petroleum products) and the Philippines (↑RM229.2 million, iron and steel products).
Compared to March 2022, trade, exports and imports fell by 8%, 11.4% and 3%, respectively.
In the first four months of 2022, trade with ASEAN edged up by 26.4% to RM229.62 billion compared to the same period of 2021. Exports to this region rose by 23.0% to RM134.3 billion following strong exports of E&E products, petroleum products as well as chemicals and chemical products. Imports from ASEAN increased by 31.7% to RM95.32 billion.
China – E&E Products Boosted Export Growth
In April 2022, trade with China which comprised 16.9% of Malaysia’s total trade expanded by 10.1% y-o-y to RM39.22 billion. Exports to China registered a growth of 12.4% to RM17.36 billion bolstered mainly by higher exports of E&E products. Imports from China climbed up by 8.3% to RM21.85 billion.
Compared to March 2022, trade and imports were up by 0.5% and 3%, respectively while exports declined by 2.4%.
Trade with China during the first four months of 2022 grew by 17.5% to RM150.56 billion compared to the same period of 2021. Exports edged up by 17.4% to RM67.42 billion on account of higher exports of E&E products, LNG as well as palm oil and palm oilbased agriculture products. Imports from China rose by 17.6% to RM83.14 billion.
The US – Exports Recorded Highest Value
Trade with the US in April 2022 which represented 9.6% of Malaysia’s total trade increased by 21.1% y-o-y to RM22.13 billion.
Exports registered highest value at RM14.35 billion, expanding by 18.1% on the back of higher exports of E&E products. Imports from the US expanded by 27.2% to RM7.78 billion. On a m-o-m basis, trade, exports and imports grew by 5.6%, 5.7% and 5.3% respectively.
For the period of January to April 2022, trade with the US climbed by 16.7% to RM78.79 billion compared to the same period of 2021. Exports increased by 12.7% to RM50.43 billion owing mainly to higher exports of E&E products. Imports from the US rose by 24.7% to RM28.35 billion.
The EU – Exports Registered Seven Consecutive Months of Double-Digit Growth
Trade with the EU which contributed 8% to Malaysia’s total trade in April 2022 leaped by 24.2% y-o-y to RM18.5 billion. Exports edged up by 30.5% to RM11.54 billion, the seventh consecutive month of double-digit growth supported by higher exports of manufactures of metal as well as E&E products. Imports from the EU rose by 15.1% to RM6.96 billion.
Breakdown of exports to the top 10 EU markets which accounted for 91.6% of Malaysia’s total exports to the EU were:
• Netherlands RM4.26 billion, increased by 71.6%;
• Germany RM2.50 billion, ↓5.4%;
• Belgium RM721.6 million, ↑33.7%;
• Italy RM714.5 million, ↑14.6%;
• Spain RM703.8 million, ↑80.4%;
• France RM488.2 million, ↑13.9%;
• Poland RM372.7 million, ↑36.2%;
• Czech Republic RM302.4 million, ↑49.0%;
• Slovenia RM264.0 million, ↑16.5%; and
• Hungary RM241.2 million, ↑50.3%.
Exports to the EU major markets that grew were the Netherlands which increased by RM1.78 billion due to higher demand for manufactures of metal. Exports to Belgium expanded by RM182 million and Italy (↑RM90.9 million) on account of strong exports of iron and steel products.
On a month-on-month basis, trade and imports grew by 1.1% and 4%, respectively while exports declined by 0.5%.
During the first four months of 2022, trade with the EU climbed by 19.7% to RM68.33 billion compared to the same period of 2021. Exports jumped by 20.5% to RM41.52 billion, underpinned by strong exports of E&E products, manufactures of metal as well as palm oil and palm oil-based products. Imports from the EU was up by 18.5% to RM26.81 billion.
Japan – Exports Bolstered by LNG
In April 2022, trade with Japan which made up 6.4% of Malaysia’s total trade increased by 12.8% y-o-y to RM14.92 billion. Exports edged up by 22.1% to RM7.58 billion, the 14th straight month of double-digit expansion buoyed mainly by higher exports of LNG. Imports from Japan rose by 4.5% to RM7.34 billion.
Compared to March 2022, imports increased by 0.7% while trade and exports were down by 7.3% and 13.9%, respectively.
For the period of January to April 2022, trade with Japan expanded by 13.1% to RM56.66 billion compared to the same period of 2021. Exports grew by 20.3% to RM30.26 billion due to strong exports of LNG. Imports from Japan climbed by 5.9% to RM26.40 billion.
Trade with FTA Partners
In April 2022, trade with Free Trade Agreement (FTA) partners which comprised 65.7% of Malaysia’s total trade jumped by 19.5% y-o-y to RM152 billion. Exports to FTA partners rose by 20.3% to RM84.23 billion and imports edged up by 18.4% to RM67.77 billion.
Increases in exports were recorded to the Republic of Korea (ROK), by 54.6% to RM4.38 billion on account of robust exports of iron and steel products, Hong Kong SAR, (↑20.4% to RM7.15 billion, E&E products) and Australia (↑57.7% to RM5.11 billion, crude petroleum). Meanwhile, exports to India expanded by 37.9% to RM5.06 billion due to higher exports of palm oil and palm oil-based agriculture products, Turkey (↑42.7% to RM1.85 billion, manufactures of metal) and New Zealand (↑44.8% to RM416.3 million, petroleum products).
Compared to March 2022, imports rose by 1.1% while trade and exports contracted by 2.5% and 5.3%, respectively.
Trade with FTA partners during the first four months of 2022 which took up 66.6% of Malaysia’s total trade, increased by 22.4% to RM570.45 billion compared to the same period of 2021. Exports expanded by 22.9% to RM317.91 billion and imports rose by 21.6% to RM252.54 billion.
Import Performance
Total imports in April 2022 grew by 22% y-o-y to RM103.95 billion. The three main categories of imports by end use which accounted for 74.0% of total imports were:
• Intermediate goods, valued at RM59.59 billion or 57.3% of total imports, increased by 28.1%, following higher imports of parts and accessories of capital goods (except transport equipment) particularly electrical machinery, equipment and parts;
• Capital goods, valued at RM9.10 billion or 8.8% of total imports, contracted by 2.4%, due to lower imports of capital goods (except transport equipment), primarily parts and accessories for optical apparatus; and • Consumption goods, valued at RM8.28 billion or 8.0% of total imports, rose by 9.7%, as a result of higher imports of non-durables especially apparel and clothing.
During the period of January to April 2022, imports climbed by 24.3% to RM383.82 billion from the same period of 2021. Imports of intermediate goods grew by 28.9% to RM216.48 billion, capital goods (↑11.9% to RM36.32 billion) and consumption goods (↑20.4% to RM32.63 billion).
