KUALA LUMPUR, Feb 20 ― Malaysia’s total trade in January 2024 rebounded with a double-digit expansion by 13.3 per cent to RM234.73 billion year-on-year (y-o-y) after registering the 10th consecutive month of contraction, said the Ministry of Investment, Trade and Industry (Miti).

In a statement today, the ministry said exports edged up by 8.7 per cent to RM122.43 billion and imports rose by 18.8 per cent to RM112.3 billion.

This was also the highest monthly value recorded for the month of January, it said.

"Meanwhile, the trade surplus amounted to RM10.12 billion and marked the 45th consecutive month of trade surplus since May 2020.

"The export growth was boosted by higher shipments of petroleum products, machinery, equipment and parts, iron and steel products as well as manufactures of metal,” said Miti.

It said exports to major trading partners namely Asean, the United States (US), the European Union (EU) and Japan also recorded expansion.

"Compared to December 2023, trade, exports and imports increased by 4.3 per cent, 3.4 per cent, and 5.3 per cent, respectively, while trade surplus contracted by 13.8 per cent," said Miti.

On the export performance of major sectors in January 2024, MITI said exports of manufactured goods, which accounted for 84.7 per cent of total exports, improved by 9.3 per cent y-o-y to RM103.65 billion.

Almost all manufactured goods recorded double-digit export expansion except for electrical and electronics (E&E) products, which dropped by 6.5 per cent (from January 2023) mainly to China and Singapore.

Higher exports were seen for petroleum products, machinery, equipment and parts, iron and steel products as well as manufactures of metal.

Exports of mining goods (7.9 per cent share) declined by 4.9 per cent y-o-y to RM9.72 billion following reduced exports of liquefied natural gas.

Exports of agriculture goods (6.7 per cent share) rebounded with a double-digit expansion of 17.5 per cent to RM8.24 billion after recording negative y-o-y growth since November 2023.

"This was backed mainly by robust exports of palm oil and palm oil-based agriculture products. All agriculture goods recorded double-digit export growth," said the ministry.

On a month-on-month (m-o-m) basis, exports of manufactured and agriculture goods rose by 4.8 per cent and 0.9 per cent, respectively, while exports of mining goods shrank by 6.1 per cent.

In January 2024, Miti said that trade with Asean accounted for 27.6 per cent of Malaysia’s total trade, registering a double-digit growth of 17.4 per cent y-o-y to RM64.87 billion.

It said exports to major markets in Asean that recorded increases were Vietnam, which grew by RM2.1 billion due to higher exports of E&E products, Indonesia (RM2.1 billion) and the Philippines (RM446.5 million), buoyed by strong exports of petroleum products, respectively.

In January 2024, trade with China, which took up 16.9 per cent of Malaysia’s total trade, edged up by 6.9 per cent y-o-y to RM39.57 billion.

Trade with the US, which represented 9.4 per cent of Malaysia’s total trade in January 2024, recorded a double-digit growth of 18.2 per cent y-o-y to RM22.11 billion.

Meanwhile, in the same period, trade with the EU, which made up 7.6 per cent of Malaysia’s total trade, recovered by 5.4 per cent y-o-y to RM17.87 billion.

"Exports to the EU major markets that recorded growth were Germany and France, which increased by RM627 million and RM13.2 million, respectively, backed by strong exports of E&E products,” it said.

Miti said exports to Italy were up by RM312.6 million, owing to robust exports of manufactures of metal.

"In January 2024, trade with Japan, which comprised 5.9 per cent of Malaysia’s total trade declined by one per cent y-o-y to RM13.95 billion.

"(Conversely), trade with Free Trade Agreement partners, which absorbed 66.9 per cent of Malaysia’s total trade, edged up by 11 per cent y-o-y to RM156.99 billion,” it added. ― Bernama