Trade Performance 2020
Trade Performance : December 2020 and January - December 2020
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
Trade Performance Year 2020
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
Trade Performance : November 2020 and January - November 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
Trade Performance : October 2020 and January - October 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 : September 2020 and January - September 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
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 : 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 : 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 : 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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Trade Performance : March 2020 and January - March 2020
Highest Q1 Export Value Thus Far
Malaysia’s trade during the first quarter (Q1) of 2020 grew by 1.2% to RM440.38 billion compared to Q1 2019. Higher trade was recorded with Indonesia, the United States (US), the Republic of Korea (ROK), Saudi Arabia and Singapore. Exports during the period registered an increase of 1.1% to RM238.68 billion, the highest export value recorded for Q1 thus far. Imports rose by 1.3% to RM201.69 billion.
Trade surplus in Q1 2020 was valued at RM36.99 billion, rose by 0.1% compared to the same period of 2019. This was the largest trade surplus recorded for Q1 since 2011.
Compared to the fourth quarter (Q4) of 2019, total trade, exports and imports contracted by 8.1%, 7.4% and 8.9%, respectively. Trade surplus expanded by 1.5%.
In March 2020, Malaysia’s trade was valued at RM147.9 billion, a decrease of 3.8% compared to March 2019. Lower trade was recorded with Thailand, Hong Kong SAR, Viet Nam, Germany and Singapore. Nevertheless, higher trade was registered with Indonesia, Saudi Arabia, the ROK and Japan. Exports contracted by 4.7% to RM80.12 billion and imports declined by 2.7% to RM67.78 billion.
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Trade Performance : February 2020 and January - February 2020
February 2020 - the Fastest Export Growth y-o-y since November 2018
Malaysia’s trade in February 2020 registered a double-digit growth of 11.6% to RM136.28 billion compared to February 2019. Higher trade was recorded with the United States (US), Singapore, the Republic of Korea (ROK), China and Taiwan. Exports picked up sharply by 11.8% to RM74.45 billion, compared to a 1.5% decline in January 2020. This was the strongest year-on-year (y-o-y) growth in 16 months. Imports expanded by 11.3% to RM61.83 billion.
Trade surplus in February 2020 was valued at RM12.62 billion, grew by 14.1% compared to February 2019. This was the largest trade surplus recorded for the month of February thus far and the 268th consecutive month of surplus.
Compared to January 2020, trade, exports and imports posted a decline of 12.7%, 11.5% and 14.2%, respectively. Trade surplus increased by 4.9%.
Malaysia’s trade over the past 2 months grew by 3.9% to RM292.48 billion. Higher trade was recorded with the US, Singapore, the ROK, Indonesia and India. Exports during the period registered an increase of 4.3% to RM158.57 billion and imports rose by 3.5% to RM133.91 billion.
Malaysia’s trade surplus in January to February 2020 was valued at RM24.65 billion, expanded by 9.2% compared to RM22.57 billion for the same period of 2019.
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Trade Performance : February 2020 and January - February 2020
Trade Performance : January 2020
Trade Surplus at RM12 billion, Highest January Trade Surplus in 9 Years
Malaysia recorded a trade surplus of RM12 billion in January 2020, 4.2% higher compared to January 2019. This was the highest monthly trade surplus for the month of January since January 2011 and the 267th consecutive month of surplus.
Exports totalled RM84.08 billion, a marginal decrease of 1.5% compared to January 2019. Imports slipped by 2.4% to RM72.08 billion.
Total trade amounted to RM156.17 billion, a contraction of 2% from January 2019. Lower trade was seen with China, Thailand, Hong Kong SAR, Viet Nam and Taiwan, while higher trade was recorded with the United States (US), Australia, Republic of Korea (ROK) and Indonesia.
On a month-on-month (m-o-m) basis, total trade, exports, imports and trade surplus decreased by 2.6%, 2.7%, 2.4% and 4%, respectively.
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