Trade Performance 2020
Trade Performance : August 2020 and January - August 2020
Double Digit Year-on-Year Growth in August Trade Surplus
In August 2020, Malaysia’s trade surplus registered a double digit growth of 19.7% to RM13.23 billion compared to August 2019, exceeding RM10 billion for the seventh time in year 2020.
Trade totalled RM145.06 billion, a decrease of 4.6% compared to August 2019. Lower trade was recorded particularly with Thailand, Bangladesh, Indonesia and Japan. Meanwhile, higher trade was registered with the United States (US), China and Saudi Arabia. Exports amounted to RM79.14 billion, decreased by 2.9% while imports slipped by 6.5% to RM65.92 billion.
On a month-on-month (m-o-m) basis, total trade, exports and imports contracted by 9.3%, 14.5% and 2.2%, respectively. Trade surplus dipped by 47.5%.
For the first 8 months of 2020, trade surplus rose by 2.9% to RM102.98 billion compared to the same period of 2019. Total trade was valued at RM1.138 trillion, a decline of 6.5% mainly on lower trade with Thailand, Singapore, India and Japan. Higher trade however was registered with the Republic of Korea (ROK), the US, Bahrain and China. Exports during the period totalled RM620.64 billion, reduced by 5.8% while imports totalled RM517.66 billion, contracted by 7.3%.
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Trade Performance : July 2020 and January - July 2020
The Highest Export Value Ever Recorded for the Month of July
Malaysia’s exports in July 2020 increased by 3.1% to RM92.53 billion compared to July 2019, the highest export value ever recorded for the month of July. This was also the second highest export value ever registered, after RM97.12 billion posted in October 2018. Imports declined by 8.7% to RM67.38 billion. Trade surplus expanded by 57.5% to RM25.15 billion compared to RM15.97 billion in July 2019 and was the highest monthly trade surplus ever recorded.
Total trade in July 2020 decreased by 2.2% year-on-year (y-o-y) to RM159.92 billion as lower trade was recorded with Australia, Thailand, Republic of Korea (ROK), Indonesia and Japan. Meanwhile, higher trade was registered with the United States (US), India, Bahrain, China, Taiwan, Singapore and Hong Kong SAR.
On a month-on-month (m-o-m) basis, total trade, exports and imports recorded growth of 10.4%, 11.7% and 8.7%, respectively while trade surplus grew by 20.6%.
For the first 7 months of 2020, total trade was valued at RM993.22 billion, contracted by 6.8% compared to the same period of 2019. Lower trade was recorded mainly with Thailand, Singapore, India and Japan. Meanwhile, higher trade was registered with the ROK, the US and Bahrain. Exports during the period amounted to RM541.47 billion, declined by 6.2% while imports totalled RM451.75 billion, contracted by 7.4%. Trade surplus expanded by 0.8% to RM89.72 billion.
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Trade Performance : May 2020 and January - May 2020
Highest Monthly Trade Surplus for May since 2008
In May 2020, Malaysia recorded a trade surplus above RM10 billion for the fourth time in 2020, registering a double-digit growth of 14.7% year-on-year (y-o-y) to RM10.41 billion. This was the highest monthly trade surplus for the month of May since May 2008.
Trade in May 2020 amounted to RM114.96 billion, a decrease of 27.8% compared to May 2019. Lower trade was recorded particularly with Singapore, Thailand, India, China, Japan and Indonesia. The performance was similar in other regional countries, which recorded lower trade growth for May 2020 due to COVID-19 pandemic that continued to slow economic activities globally. Exports totalled RM62.69 billion, contracted by 25.5% while imports decreased by 30.4% to RM52.27 billion.
Compared to April 2020, trade, exports and imports slipped by 13.7%, 3.2% and 23.6%, respectively.
Malaysia’s trade during the first five months of 2020 declined by 8.7% to RM688.57 billion compared to the corresponding period of 2019. Lower trade was recorded with Thailand, Singapore, India, China and Hong Kong SAR. Meanwhile, higher trade was registered with the Republic of Korea (ROK) and Indonesia. Exports during the period registered a decrease of 9.7% to RM366.16 billion and imports contracted by 7.5% to RM322.41 billion. Trade surplus was valued at RM43.75 billion, declined by 23% compared to the same period of 2019.
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Trade Performance : June 2020 and January - June 2020
Trade and Exports Rebounded in June 2020
Malaysia’s exports rebounded in June 2020, growing by 8.8% to RM82.87 billion compared to June 2019 while total trade expanded by 2.2% to RM144.84 billion. Increases in trade were recorded primarily with China, the United States (US), Hong Kong SAR and Viet Nam.
Imports decreased by 5.6% to RM61.98 billion, resulting in a trade surplus of RM20.89 billion in June 2020, a growth of 98.7% year-on-year (y-o-y) and the highest monthly trade surplus ever recorded.
On a month-on-month (m-o-m) basis, total trade, exports and imports recorded double digit growth of 26%, 32.3% and 18.6%, respectively, while trade surplus surged by 101.1%. This better performance is in line with the gradual lifting of restrictions due to COVID-19 pandemic in Malaysia and globally.
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Trade Performance : April 2020 and January - April 2020
Malaysia's Trade Impacted by COVID-19 Pandemic
In April 2020, Malaysia’s trade amounted to RM133.34 billion, a decrease of 16.4% compared to April 2019, due to COVID-19 pandemic which caused major disruptions to global supply chain. Lower trade was recorded particularly with Singapore, Thailand, India, the United States (US), Japan, Viet Nam and Saudi Arabia.
Exports was valued at RM64.92 billion, contracted by 23.8% while imports decreased by 8% to RM68.42 billion. Trade balance recorded a deficit of RM3.5 billion in April 2020, after 269 consecutive months of surplus on account of a higher contraction in exports compared to imports.
Compared to March 2020, trade and exports slipped by 9.9% and 19%, respectively while imports increased by 0.9%.
Malaysia’s trade during the first four months of 2020 dropped by 3.5% to RM573.75 billion compared to the corresponding period of 2019. Lower trade was recorded with Thailand, Singapore, Hong Kong, Germany, India and Viet Nam. Meanwhile, higher trade was registered with the Republic of Korea (ROK), Indonesia and the US. Exports during the period registered a decrease of 5.5% to RM303.61 billion and imports declined marginally by 1.2% to RM270.14 billion. Trade surplus was valued at RM33.47 billion, declined by 29.9% compared to the same period of 2019.
Commenting on the April trade performance, Senior Minister and Minister of International Trade & Industry YB Dato' Seri Mohamed Azmin Ali said that the declines in both exports and imports are expected given that most countries around the world were under some form of lockdown to contain the spread of COVID-19. This has caused major disruptions to the manufacturing activities and movement of goods globally. Nevertheless, exports of some products such as iron and steel, rubber gloves and refined palm oil recorded increases.
"Malaysia's exports are expected to improve in the coming months as the government allowed more industries to resume operations and at full operating capacity since 4 May 2020. Similarly, companies in other countries are also ramping up their business operations. This will boost trade activities between Malaysia and other countries", he added.
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