KUALA LUMPUR, Nov 17 — Malaysia’s total trade expanded by 21.1 per cent to RM245.18 billion in October 2022, marking the 21st consecutive month of double-digit growth, said the Ministry of International Trade and Industry (Miti).

Exports rose by 15 per cent to RM131.63 billion — the 15th consecutive month of year-on-year (y-o-y) growth — and imports were higher by 29.2 per cent y-o-y at RM113.54 billion, while trade surplus decreased by 32 per cent y-o-y to RM18.09 billion.

"The export growth was mainly boosted by higher shipments of petroleum products, electrical and electronic (E&E) products, liquefied natural gas (LNG), as well as crude petroleum," it said in a statement today.

Miti also said that exports to major trading partners, notably Asean, China, the United States (US), the European Union (EU) and Japan recorded growth.

"Trade, exports and imports in the first 10 months of 2022 (10M2022) surpassed the value recorded in 10M2021.

"Trade expanded by 31.6 per cent y-o-y to RM2.37 trillion and exports increased by 28.5 per cent y-o-y to RM1.29 trillion, while imports exceeded the RM1 trillion mark for the first time, rising by 35.4 per cent y-o-y to RM1.085 trillion, and trade surplus grew by 1.3 per cent y-o-y to RM205.61 billion," it said.

On export performance by sector, the ministry said exports of manufactured goods in October 2022 — which accounted for 84.5 per cent of total exports — rose by 12.6 per cent y-o-y to RM111.18 billion, with petroleum products and E&E products posting more than RM1 billion increase in exports, respectively.

"Exports of mining goods surged by 85.9 per cent y-o-y to RM11.22 billion, marking the 19th straight month of double-digit expansion, mainly due to higher exports of LNG and crude petroleum.

"Meanwhile, exports of agriculture goods contracted by 7.0 per cent y-o-y to RM8.6 billion on account of lower exports of palm oil and palm oil-based agriculture products as well as natural rubber," it said.

Miti said that almost all products recorded export growth in 10M2022.

"Exports of manufactured goods breached the overall value registered in 2021, expanding by 25.3 per cent y-o-y to RM1.087 trillion, due to higher exports of E&E products, petroleum products, machinery, equipment and parts, palm oil-based manufactured products as well as chemicals and chemical products," it said.

On trade with major markets, the ministry said in October 2022, trade with Asean accounted for 25.8 per cent of Malaysia’s total trade, after expanding by 20.5 per cent y-o-y to RM63.35 billion.

"Exports increased by 25.3 per cent y-o-y to RM38.79 billion, the 15th consecutive month of double-digit growth, boosted by higher exports of petroleum products and E&E products, while imports rose by 13.6 per cent y-o-y to RM24.56 billion," it said.

Miti said trade with China, which accounted for 16.9 per cent of Malaysia’s total trade, grew by 13.1 per cent y-o-y to RM41.54 billion — the 23rd consecutive month of double-digit growth.

"Exports to China recorded a growth of 4.3 per cent to RM18.42 billion on the back of robust exports of E&E products, while imports rose by 21.2 per cent to RM23.13 billion," it said.

Miti said the trade with the US rose by 20.3 per cent y-o-y to RM23.98 billion, marking the 14th straight month of double-digit expansion.

"Exports grew by 8.8 per cent to RM13.73 billion on account of strong exports of E&E products while imports expanded by 40.4 per cent to RM10.24 billion," it said.

Meanwhile trade with the EU grew by 8.8 per cent y-o-y to RM17.41 billion.

"Exports rose by 7.0 per cent to RM9.7 billion supported by strong exports of iron and steel products, petroleum products and manufactures of metal, while imports expanded by 11.1 per cent to RM7.71 billion," said Miti.

Meanwhile, trade with Free Trade Agreement (FTA) partners, which constituted 64.5 per cent of Malaysia’s total trade, increased by 18.2 per cent y-o-y to RM158.05 billion.

"Exports to FTA partners rose by 17.7 per cent to RM89.16 billion and imports grew by 18.8 per cent to RM68.89 billion," Miti said.

The ministry said in October 2022, total imports grew by 29.2 per cent y-o-y to RM113.54 billion.

"During 10M2022, imports expanded by 35.4 per cent y-oy to RM1.085 trillion.

"Imports of intermediate goods grew by 34.5 per cent y-o-y to RM591.58 billion, capital goods rose by 19.6 per cent y-o-y to RM100.63 billion and consumption goods was 25 per cent y-o-y higher at RM85.28 billion," it said. — Bernama