Trade Performance 2023
Trade Performance : December 2023 and January - December 2023
In 2023, global trade continued to expand at a slower pace, weighed down by several factors including lower commodity prices, geopolitical uncertainties, high inflation rate and downcycle in the semiconductor sector. Weak commodity prices continued to affect trade performance, notably for crude palm oil, crude petroleum and liquefied natural gas (LNG). Geopolitical uncertainties such as the United States (US)-China, Russia-Ukraine and Middle East conflicts also took a toll on the global economy and dampened demand for Malaysian products while high global inflation eroded consumer purchasing power in importing countries.
Despite the challenging global economic landscape, Malaysia’s trade last year exceeded RM2 trillion mark for three consecutive years and sustained its surplus trend for 26 successive years since 1998. Exports surpassed RM1 trillion for the third year in a row and achieved 82.4% of the target set for 2025 under the Mid-Term Review of the Twelfth Malaysia Plan (12MP). Meanwhile, imports posted another milestone by crossing RM1 trillion mark for the second time. The nation’s trade performance also realised the forecast published in the Economic Outlook 2024 by the Ministry of Finance (MOF) with trade, exports and imports achieving 100.1%, 99.7% and 100.5% of the projection, respectively.
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Trade Performance : December 2023 and January - December 2023
Trade Performance : December 2023 and January - December 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Disember 2023 dan Januari - Disember 2023
Prestasi Perdagangan : Disember 2023 dan Januari - Disember 2023 (Infografik)
Trade Performance : November 2023 and January - November 2023
Malaysia Maintained Trade Surplus for the 43rd Consecutive Month
In November 2023, Malaysia’s trade decreased at a moderate rate of 2.4% year-on-year (y-o-y) to RM231.79 billion. Exports reached RM122.10 billion, a contraction of 5.9% y-o-y while imports grew by 1.7% to RM109.69 billion. Trade surplus was valued at RM12.41 billion, making it the 43rd consecutive month of trade surplus since May 2020. Malaysia's performance was in tandem with its key trading partners notably Taiwan, ROC and Indonesia which posted negative trade growth in November 2023 and a drop in global imports.
Compared to October 2023, trade, exports, imports and trade surplus fell by 3.1%, 3.2%, 3.1% and 3.8%, respectively.
For the period of January to November 2023, trade declined by 7.5% to RM2.413 trillion compared to the same period last year. Exports decreased by 7.8% to RM1.308 trillion, imports was lower by 7.1% to RM1.105 trillion and trade surplus edged down by 11.3% to RM202.49 billion, respectively.
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Trade Performance : November 2023 and January - November 2023
Trade Performance : November 2023 and January - November 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : November 2023 dan Januari - November 2023
Prestasi Perdagangan : November 2023 dan Januari - November 2023 (Infografik)
Trade Performance : October 2023 and January - October 2023
Trade Exceeded the RM2 trillion Mark in the First Ten Months
On a month-on-month (m-o-m) basis, Malaysia’s trade in October 2023 expanded by 6.8% to RM239.52 billion. Exports increased by 1.5% to RM126.19 billion and imports registered a double-digit growth of 13.4% to RM113.33 billion. Trade surplus reached RM12.87 billion, marking the 42nd consecutive month of trade surplus since May 2020.
Malaysia’s trade declined at a softer pace of 2.4% year-on-year (y-o-y), compared with the double-digit decrease reported in the previous month. Exports eased by 4.4% and imports reduced marginally by 0.2%. Malaysia's performance was similar with its key trading partners notably China, Taiwan RoC and Indonesia which experienced negative trade growth in October 2023 and a reduction in global imports.
For the period of January to October 2023, trade surpassed the RM2 trillion mark, reaching RM2.181 trillion. Exports amounted to RM1.186 trillion, while imports were valued at RM995.55 billion. Trade, exports and imports each posted an 8% decrease compared to the corresponding period last year. Trade surplus was lower by 7.9%, amounting to RM190.04 billion.
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Trade Performance : October 2023 and January - October 2023
Trade Performance : October 2023 and January - October 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Oktober 2023 dan Januari - Oktober 2023
Prestasi Perdagangan : Oktober 2023 dan Januari - Oktober 2023 (Infografik)
Trade Performance : September 2023 and January - September 2023
Exports Breached RM1 trillion Mark in the First Nine Months
As compared to August 2023, Malaysia’s exports in September 2023 increased by 8.2% to RM124.47 billion. Imports expanded by 2.1% to RM99.95 billion, resulting in a total trade of RM224.43 billion which rose by 5.4%. Trade surplus registered a double-digit growth of 42.7% to RM24.52 billion, making it the 41 consecutive month of trade surplus since May 2020.
Compared to September 2022, exports was lower by 13.7% and imports edged down by 11.1% amid slower global demand, uncertainties in commodity prices and high base effect last year. Subsequently, total trade was lower by 12.6%. The performance was similar to Malaysia’s major trading partners notably the Republic of Korea (ROK), China, Taiwan and Indonesia which recorded negative trade growth for September 2023 and drop in their global imports. Trade surplus in September 2023 contracted by 23%, year-on-year (y-o-y).
Trade for the third quarter (Q3) of 2023 increased by 1.6% to RM653.57 billion compared to second quarter (Q2) of 2023. Exports grew by 2.2% to RM356.31 billion, imports expanded by 0.8% to RM297.26 billion and trade surplus rose by 9.6% to RM59.06 billion, respectively.
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Trade Performance : September 2023 and January - September 2023
Trade Performance : September 2023 and January - September 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : September 2023 dan Januari - September 2023
Prestasi Perdagangan : September 2023 dan Januari - September 2023 (Infografik)
Trade Performance : August 2023 and January - August 2023
40th Consecutive Month of Trade Surplus
Malaysia registered the 40th consecutive month of trade surplus in August 2023, registering a year-on-year (y-o-y) growth of 0.1% to RM17.31 billion. Total trade decreased by 19.8% to RM213.01 billion amid slower global demand and lower commodity prices. Exports was lower by 18.6% to RM115.16 billion and imports edged down by 21.2% to RM97.85 billion. The performance was similar to Malaysia’s key trading partners notably the Republic of Korea (ROK), China, Taiwan and Indonesia which recorded negative trade growth for August 2023 and drop in their global imports.
Compared to July 2023, trade, exports, imports and trade surplus contracted by 1.5%, 1.4%, 1.6% and 0.3%, respectively.
For the period of January to August 2023, trade reduced by 8.1% to RM1.718 trillion compared to the same period of last year. Exports shrank by 7.6% to RM935.22 billion, imports slipped by 8.6% to RM782.29 billion and trade surplus fell by 2% to RM152.92 billion, respectively.
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Trade Performance : August 2023 and January - August 2023
Trade Performance : August 2023 and January - August 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Ogos 2023 dan Januari - Ogos 2023
Prestasi Perdagangan : Ogos 2023 dan Januari - Ogos 2023 (Infografik)
Trade Performance : July 2023 and January - July 2023
Trade Surplus Remained Buoyant in July
Malaysia’s trade surplus in July 2023 increased by 7.9% year-on-year (y-o-y) to RM17.09 billion and was the 39th consecutive month of trade surplus since May 2020. Total trade fell by 14.4% to RM216.41 billion affected by softer global demand and lower commodity prices. Exports decreased by 13.1% to RM116.75 billion and imports contracted by 15.9% to RM99.66 billion. The performance was similar to other regional markets notably Indonesia, China, Taiwan and the Republic of Korea (ROK) which recorded negative trade growth for July 2023.
Despite the decline, exports of electrical and electronic (E&E) products remained robust while exports to major trading partners notably China and the United States (US) rebounded in July 2023.
Compared to June 2023, imports grew by 1.3% while trade, exports and trade surplus edged down by 2.7%, 5.8% and 33.1%, respectively.
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Trade Performance : July 2023 and January - July 2023
Trade Performance : July 2023 and January - July 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Julai 2023 dan Januari - Julai 2023
Prestasi Perdagangan : Julai 2023 dan Januari - Julai 2023 (Infografik)
Trade Performance : June 2023 and January - June 2023
Trade Surplus in June Widened with Double-Digit Expansion
Malaysia’s trade surplus in June 2023 registered a double-digit growth of 11.3% year-on-year (y-o-y) to RM25.81 billion. This was the 38th consecutive month of trade surplus since May 2020 and the highest monthly value ever recorded for the month of June.
In tandem with slower global demand and lower commodity prices, total trade contracted by 16.3% to RM222.14 billion. Exports slipped by 14.1% to RM123.98 billion and imports decreased by 18.9% to RM98.16 billion. The performance was similar to other regional markets notably China, Singapore, Indonesia, Taiwan and the Republic of Korea (ROK) which recorded negative trade growth for June 2023.
Despite the decline, strong exports was posted primarily for electrical and electronic (E&E) products, iron and steel products, metalliferous ores and metal scrap, transport equipment as well as processed food.
Compared to May 2023, exports and trade surplus expanded by 3.7% and 64.4% while trade and imports were down by 0.5% and 5.4%, respectively.
Trade for the second quarter (Q2) of 2023 decreased by 11.3% to RM643.22 billion compared to Q2 2022. Exports edged down by 11.1% to RM348.68 billion, imports dropped by 11.5% to RM294.54 billion and trade surplus declined by 8.8% to RM54.14 billion, respectively.
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Trade Performance : June 2023 and January - June 2023
Trade Performance : June 2023 and January - June 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Jun 2023 dan Januari - Jun 2023
Prestasi Perdagangan : Jun 2023 dan Januari - Jun 2023 (Infografik)
Trade Performance : May 2023 and January - May 2023
37th Consecutive Month of Trade Surplus with Double-Digit Expansion
Malaysia registered the 37th consecutive month of trade surplus in May 2023, registering double-digit growth of 21.4% to RM15.42 billion. Total trade slipped by 2% to RM223.8 billion, in tandem with slower global demand and lower commodity prices. Exports showed signs of recovery, posting a marginal contraction of 0.7% to RM119.61 billion compared to double-digit decline recorded last month. Imports decreased by 3.3% to RM104.19 billion. The performance was similar to other regional countries namely China, Taiwan and the Republic of Korea (ROK) which recorded negative trade growth for May 2023.
Despite the decline, exports to major trading partners notably China, the United States (US) and Japan recorded expansion. Meanwhile, higher exports was seen for petroleum products, electrical and electronic (E&E) products, machinery, equipment and parts as well as processed food.
Compared to April 2023, trade, exports, imports and trade surplus recorded double-digit expansion of 13.2%, 13.7%, 12.6% and 22.1%, respectively.
In the first five months of 2023, total trade surpassed RM1 trillion to reach RM1.066 trillion, a decrease of 1.7% compared to the corresponding period of 2022. Exports was down by 2.3% to RM579.39 billion and imports declined by 1% to RM486.96 billion. Trade surplus edged down by 8.7% to RM92.43 billion.
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Trade Performance : May 2023 and January - May 2023
Trade Performance : May 2023 and January - May 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Mei 2023 dan Januari - Mei 2023
Prestasi Perdagangan : Mei 2023 dan Januari - Mei 2023 (Infografik)
Trade Performance : April 2023 and January - April 2023
36th Consecutive Month of Trade Surplus
Malaysia registered the 36th consecutive month of trade surplus since May 2020, with a value of RM12.85 billion in April 2023. In tandem with softer global demand, total trade for the month contracted by 14.5% to RM198 billion. The performance was similar to other regional countries which recorded negative trade growth for April 2023. Exports totalled RM105.42 billion, declined by 17.4% and imports decreased by 11.1% to RM92.58 billion.
Compared to March 2023, trade, exports, imports and trade surplus were lower by 14.9%, 18.7%, 10.1% and 51.9%, respectively.
For the period of January to April 2023, trade decreased marginally by 1.6% to RM842.8 billion compared to the same period of 2022. Exports was down by 2.6% to RM460.02 billion and imports declined by 0.3% to RM382.78 billion. Trade surplus edged down by 12.7% to RM77.24 billion.
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Trade Performance : April 2023 and January - April 2023
Trade Performance : April 2023 and January - April 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : April 2023 dan Januari - April 2023
Prestasi Perdagangan : April 2023 dan Januari - April 2023 (Infografik)
Trade Performance : March 2023 and January - March 2023
The Highest Trade Surplus Recorded for the Month of March
Malaysia’s trade surplus in March 2023 widened to RM26.69 billion as compared to March 2022. This was the 35th consecutive month of trade surplus since May 2020 and the highest trade surplus ever recorded for the month of March. While trade surplus expanded, trade for the month declined by 1.6% to RM232.72 billion. Exports totalled RM129.71 billion, contracted by 1.4% and imports declined by 1.8% to RM103.01 billion.
Compared to February 2023, trade, exports, imports and trade surplus recorded double-digit growth of 13.5%, 15.5%, 11.1% and 36.4%, respectively.
Trade for the first quarter (Q1) of 2023 grew by 3.2% to RM644.87 billion compared to Q1 2022. Exports increased by 2.8% to RM354.63 billion and imports expanded by 3.7% to RM290.24 billion. Trade surplus edged down by 1% to RM64.39 billion. Trade, exports and imports registered the highest value for the period.
Compared to the fourth quarter (Q4) of 2022, trade, exports, imports and trade surplus were down by 10.2%, 9.8%, 10.7% and 5.2%, respectively.
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Trade Performance : March 2023 and January - March 2023
Trade Performance : March 2023 and January - March 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Mac 2023 dan Januari - Mac 2023
Prestasi Perdagangan : Mac 2023 dan Januari - Mac 2023 (Infografik)
Trade Performance : February 2023 and January - February 2023
Trade in February Remained Buoyant with Double Digit Growth
Malaysia’s trade performance continued its upward trajectory in February 2023. Trade registered double-digit year-on-year (y-o-y) growth, increasing by 11% to RM204.99 billion compared to February 2022. Exports grew by 9.8% to RM112.28 billion and imports expanded by 12.4% to RM92.71 billion. Trade surplus was recorded for 34 consecutive months since May 2020, valued at RM19.56 billion. Trade, exports and imports registered the highest monthly value for February.
The export growth was supported by strong exports of petroleum products, electrical and electronic (E&E) products as well as liquefied natural gas (LNG). Meanwhile, exports to major trading partners notably ASEAN and the United States (US) recorded double-digit growth.
Compared to January 2023, trade surplus grew by 7.9%, while trade, exports and imports slipped by 1.1%, 0.3% and 1.9%, respectively due to shorter working days.
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Trade Performance : February 2023 and January - February 2023
Trade Performance : February 2023 and January - February 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Februari 2023 dan Januari - Februari 2023
Prestasi Perdagangan : Februari 2023 dan Januari - Februari 2023 (Infografik)
Trade Performance : January 2023
Highest Trade, Exports and Imports for January
Malaysia’s trade performance maintained its upward momentum in January 2023 with trade, exports and imports registering the highest monthly value for the month of January. Trade expanded by 1.9% year-on-year (y-o-y) to RM207.51 billion. Exports rose by 1.6% to RM112.84 billion and imports was higher by 2.3% to RM94.67 billion. Trade surplus amounted to RM18.16 billion, a decrease of 2.1%. This marked the 33rd consecutive month of trade surplus since May 2020.
The export expansion was bolstered by strong exports of petroleum products, liquefied natural gas (LNG) as well as electrical and electronic (E&E) products. Exports to major trading partners notably ASEAN and Japan recorded double-digit growth.
Compared to December 2022, trade, exports, imports and trade surplus contracted by 11.8%, 14.4%, 8.6% and 35.5%, respectively, due to shorter working days and long festive holidays.
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Trade Performance : January 2023
Trade Performance : January 2023 (Infographic)
Bahasa Melayu
Prestasi Perdagangan : Januari 2023
Prestasi Perdagangan : Januari 2023 (Infografik)
