Exports jump 48% to RM141 billion in August

Malaysia’s trade remained sturdy in August 2022 with exports jumping 48.2% to RM141.33 billion, the 13th successive month of double-digit growth, the international trade and industry ministry said.

Trade surplus stood at RM16.92 billion as imports surged 67.6% to RM124.41 billion.

Total trade rallied 56.7% to RM265.74 billion compared to August 2021, the 19th consecutive month of double-digit growth, it said in a statement today. 

"The export expansion was attributed to higher shipments of electrical and electronic (E&E) products, petroleum products, palm oil and palm oil-based agriculture products, liquefied natural gas (LNG) as well as optical and scientific equipment.

"Exports of petroleum products, LNG, as well as optical and scientific equipment, registered the highest monthly value. 

"Exports to major trading partners, notably Asean, China, the US, the EU and Japan, recorded double-digit growth.

"The highest monthly export value was registered to Japan. On a month-on-month basis, trade, exports, imports, and trade surplus grew by 5.2, 5.4, 5.0, and 8.6%, respectively," it said.

For January to August 2022, trade expanded by 33.1% to RM1.873 trillion from the same period last year. 

"Exports surpassed RM1 trillion, the shortest period to reach this milestone, expanding by 30.3% to RM1.014 trillion.

"Imports climbed by 36.7% to RM858.83 billion and the trade surplus was up by 3.7% to RM155.57 billion. Trade, exports, imports, and trade surplus registered the highest value for the period," it said.

According to the ministry, exports of manufactured goods in August, which represented 84.5% of total exports, rose by 47.7% year-on-year (y-o-y) to RM119.48 billion, the 13th consecutive month of double-digit expansion. 

It said the growth was backed by higher exports of E&E products, petroleum products, optical and scientific equipment as well as machinery, equipment, and parts, each recorded more than RM1 billion increase in exports.

"Exports of mining goods (7.6% share) soared by 59.1% y-o-y to RM10.77 billion, the 17th successive month of double-digit growth underpinned by growing exports of LNG and crude petroleum.

"Exports of agriculture goods (7.4% share) increased by 42.6% to RM10.47 billion compared to August 2021, the 18th consecutive month of double-digit growth. The expansion was aided by strong exports of palm oil and palm oil-based agriculture products," it added.