The Official Portal Of Malaysia External Trade Development Corporation
New Record High for Trade, Exports and Imports
Malaysia’s trade performance in June 2022 continued its stellar performance, registering an all-time record high for trade, exports and imports. Trade increased by 43.4% to RM270.39 billion compared to June 2021, the 17th consecutive month of double-digit growth. Exports recorded the 11th consecutive month of double-digit expansion, registering a strong growth of 38.8% to RM146.16 billion. Imports rose by 49.3% to RM124.23 billion while trade surplus declined marginally by 0.8% to RM21.93 billion.
The export growth was contributed by strong demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG) as well as palm oil and palm oil-based agriculture products. Exports to most major trading partners notably ASEAN, the United States (US), the European Union (EU) and Japan recorded double-digit growth. Highest monthly export value was registered to ASEAN, the US and the EU.
On a month-on-month (m-o-m) basis, trade, exports, imports and trade surplus expanded by 18.4%, 21.3%, 15.2% and 72.7%, respectively.
Trade for the second quarter (Q2) of 2022 grew by 32.7% to RM730.36 billion, compared to Q2 2021. Exports climbed by 30.0% to RM394.24 billion and imports increased by 36.1% to RM336.13 billion. This was the highest quarterly value for trade, exports and imports. Trade surplus edged up by 3.2% to RM58.11 billion.
Compared to the first quarter (Q1) 2022, trade, exports and imports rose by 16.9%, 14.3% and 20.1%, respectively while trade surplus contracted by 10.6%.
For the first half (H1) of 2022, trade was up by 28.2% to RM1.355 trillion from the same period last year. Exports increased by 26.1% to RM739.13 billion and imports grew by 30.9% to RM616.00 billion. Trade surplus climbed by 6.7% to RM123.13 billion. This was the highest half year value recorded for trade, exports, imports and trade surplus.
Export Performance of Major Sectors
Exports of Manufactured and Agriculture Goods Recorded the Highest Value
In June 2022, exports of all three sectors recorded strong double-digit growth compared to the same month last year. Exports of manufactured goods reached its highest monthly value at RM122.07 billion or 83.5% of total exports, increased by 33.8% year-on-year (y-o-y) and was the 11th consecutive month of double-digit growth. Export products which expanded more than RM1 billion were seen for E&E products, petroleum products, machinery, equipment and parts, manufactures of metal as well as optical and scientific equipment.
Exports of agriculture goods (8.8% share) rose by 46.8% y-o-y to RM12.93 billion, the highest monthly value. The increase was driven mainly by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (7.2% share) leaped by 116.3% y-o-y to RM10.53 billion underpinned by higher exports of LNG and crude petroleum.
3 Major exports in June 2022:
• E&E products, valued at RM52.34 billion and accounted for 35.8% of total exports, increased by 40.9% from June 2021;
• Petroleum products, RM19.47 billion, 13.3% of total exports, surged by 104.1%;
• Palm oil and palm oil-based agriculture products, RM10.72 billion, 7.3% of total exports, surged by 51.7%;
• Chemicals and chemical products, RM6.90 billion, 4.7% of total exports, increased by 4.1%; and
• LNG, RM6.27 billion, 4.3% of total exports, surged by 153.1%.
Compared to May 2022, exports of manufactured, agriculture and mining goods were up by 21.6%, 20.0% and 20.3%, respectively.
For the period of January to June 2022, exports of manufactured goods edged up by 22.0% to RM621.61 billion compared to the same period of 2021, supported by higher exports of E&E products, petroleum products, palm oil-based manufactured products as well as manufactures of metal. Exports of agriculture goods rose by 44.3% to RM61.06 billion, buoyed by higher exports of palm oil and palm oil-based agriculture products. Exports of mining goods surged by 66.3% to RM53.01 billion on the back of robust exports of LNG and crude petroleum.
Trade Performance with Major Markets
ASEAN – New Record High for Exports
In June 2022, trade with ASEAN surged by 65.5% y-o-y to RM74.00 billion, accounted for 27.4% of Malaysia’s total trade. Exports sustained double-digit growth since August 2021, soared by 55.2% to RM41.59 billion and was the highest monthly value. The expansion was contributed by higher exports of petroleum products, E&E products and crude petroleum. Imports from ASEAN leaped by 80.9% to RM32.41 billion.
Breakdown of exports to ASEAN countries:
• Singapore RM21.53 billion, increased by 71.6%
• Thailand RM5.87 billion, ↑23.7%
• Indonesia RM5.27 billion, ↑75.5%
• Viet Nam RM4.41 billion, ↑16.5%
• Philippines RM2.65 billion, ↑27.5%
• Myanmar RM866.6 million, ↑360.4%
• Brunei RM574.2 million, ↑167.9%
• Lao PDR RM278.3 million, ↑4,164.4%
• Cambodia RM130.3 million, ↓40.1%
Exports to major markets in ASEAN that recorded expansion were Singapore which rose by RM8.99 billion due to higher exports of E&E products, Thailand (↑RM1.12 billion, LNG), Indonesia (↑RM2.27 billion, petroleum products), Viet Nam (↑RM623.7 million, crude petroleum) and the Philippines (↑RM572.4 million, petroleum products).
On a m-o-m basis, trade, exports and imports expanded by 10.6%, 12.4% and 8.2%, respectively.
In H1 2022, trade with ASEAN increased by 37.4% to RM370.61 billion compared to the same period of 2021. Exports to this region rose by 31.6% to RM212.89 billion following higher exports of E&E products, petroleum products, crude petroleum, machinery, equipment and parts as well as chemicals and chemical products. Imports from ASEAN was up by 46.0% to RM157.72 billion.
China – Trade Registered 19 Months of Double-Digit Expansion
In June 2022, trade with China which made up 16.5% of Malaysia’s total trade grew by 17.3% y-o-y to RM44.52 billion, the 19th successive month of double-digit growth. Exports to China climbed by 4.2% to RM18.34 billion contributed mainly by higher exports of E&E products, metalliferous ores and metal scrap as well as LNG. Imports from China rose by 28.6% to RM26.17 billion.
Compared to May 2022, trade, exports and imports were up by 19.8%, 20.2% and 19.6%, respectively.
Trade with China during the first six months of 2022 edged up by 16.4% to RM232.30 billion compared to the same period of 2021. Exports rose by 13.7% to RM101.03 billion underpinned by higher exports of E&E products, LNG as well as palm oil and palm oil-based products. Imports from China increased by 18.7% to RM131.27 billion.
The US – Exports Recorded New High
Trade with the US in June 2022 grew by 35.4% y-o-y to RM25.91 billion, comprising 9.6% of Malaysia’s total trade. Exports recorded the fourth successive month of double-digit growth, expanding by 30.6% to RM16.86 billion and was the highest value registered. The increase was attributed mainly to higher exports of E&E products. Imports from the US climbed by 45.6% to RM9.05 billion.
On a m-o-m basis, trade, exports and imports recorded growth of 29.4%, 40.7% and 12.5%, respectively.
During the first six months of 2022, trade with the US rose by 21.0% to RM124.72 billion compared to the same period of 2021. Exports increased by 16.5% to RM79.28 billion driven by robust exports of E&E products. Imports from the US expanded by 29.8% to RM45.45 billion.
The EU – Highest Export Value Ever Registered
Trade with the EU which represented 8.0% of Malaysia’s total trade in June 2022 grew by 37.2% y-o-y to RM21.72 billion. Exports achieved a new record high, expanding by 39.4% to RM12.53 billion. This was the ninth straight month of double-digit growth driven by higher exports of E&E products, manufactures of metal, palm oil and palm oil-based agriculture products as well as petroleum products. Imports from the EU climbed by 34.3% to RM9.20 billion.
Breakdown of exports to the top 10 EU markets which accounted for 92.0% of Malaysia’s total exports to the EU were:
• Netherlands RM4.65 billion, increased by 92.1%;
• Germany RM2.68 billion, ↑1.4%;
• Italy RM1.14 billion, ↑77.8%;
• France RM864.6 million, ↑90.2%;
• Belgium RM602.0 million, ↑8.8%;
• Spain RM481.7 million, ↑9.5%;
• Poland RM391.8 million, ↑34.4%;
• Czech Republic RM259.2 million, ↓2.3%;
• Slovenia RM237.3 million, ↑10.8; and
• Hungary RM224.7 million, ↑39.6%.
Exports to the EU major markets that recorded growth notably the Netherlands, edged up by RM2.23 billion attributed to strong demand for palm oil and palm oil-based agriculture products, Germany, (↑RM37.6 million, E&E products) and Italy, (↑RM499.0 million, manufactures of metal).
On a m-o-m basis, trade, exports and imports rose by 24.8%, 28.5% and 20.1%, respectively.
During H1 2022, trade with the EU increased by 24.4% to RM107.52 billion compared to H1 2021. Exports expanded by 25.1% to RM63.85 billion contributed by higher exports of E&E products, manufactures of metal, palm oil and palm oil-based products as well as iron and steel products. Imports from the EU edged up by 23.5% to RM43.66 billion.
Japan – Double-Digit Export Growth for 16 Consecutive Months
In June 2022, trade with Japan which constituted 5.9% of Malaysia’s total trade grew by 32.9% y-o-y to RM15.84 billion. Exports jumped by 55.8% to RM8.71 billion, the 16th successive month of double-digit expansion buoyed by strong exports of LNG. Imports from Japan climbed by 12.7% to RM7.13 billion.
Compared to May 2022, trade, exports and imports were up by 17.9%, 24.0% and 11.3%, respectively.
For H1 2022, trade with Japan edged up by 16.0% to RM86.11 billion compared to H1 2021. Exports rose by 23.8% to RM46.13 billion as a result of higher exports of LNG. Imports from Japan increased by 8.0% to RM39.98 billion.
Trade with FTA Partners
In June 2022, trade with Free Trade Agreement (FTA) partners which absorbed 65.8% of Malaysia’s total trade expanded by 43.0% y-o-y to RM178.00 billion. Exports to FTA partners grew by 39.8% to RM95.95 billion and imports climbed by 47.0% to RM82.06 billion.
Increases in exports were recorded to Hong Kong SAR, by 41.5% to RM9.08 billion supported by growing exports of E&E products, India, (↑39.1% to RM5.47 billion, crude petroleum) and Turkiye (↑62.1% to RM1.58 billion, manufactures of metal). Meanwhile, exports to the Republic of Korea, expanded by 47.2% to RM4.59 billion, Australia (↑40.9% to RM4.56 billion), New Zealand (↑319.7% to RM1.15 billion) and Pakistan (↑33.2% to RM785.9 million) due to higher exports of petroleum products.
Compared to May 2022, trade, exports and imports grew by 15.8%, 17.0% and 14.5%, respectively.
Trade with FTA partners during the first six months of 2022 which took up 66.6% of Malaysia’s total trade rose by 27.6% to RM902.43 billion compared to the same period of 2021. Exports expanded by 27.1% to RM496.00 billion and imports increased by 28.3% to RM406.42 billion.
Import Performance
Total imports in June 2022 grew by 49.3% y-o-y to RM124.23 billion. The three main categories of imports by end use which accounted for 68.3% of total imports were:
• Intermediate goods, valued at RM64.41 billion or 51.8% of total imports, increased by 46.9%, following higher imports of processed industrial supplies;
• Capital goods, valued at RM11.15 billion or 9.0% of total imports, grew by 30.4%, due mainly to higher imports of industrial transport equipment; and
• Consumption goods, valued at RM9.23 billion or 7.4% of total imports, rose by 25.6%, as a result of higher imports of processed food and beverages mainly for household consumption.
During January to June 2022, imports was up by 30.9% to RM616.00 billion from the same period of 2021. Imports of intermediate goods grew by 32.8% to RM344.14 billion, capital goods (RM56.23 billion, ↑12.5%) and consumption goods (RM50.37 billion, ↑21.1%).
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