Azmin Ali: Malaysia’s trade continues upward trajectory in Feb 2022

KUALA LUMPUR, March 18 ― Malaysia’s trade continued its upward trajectory in February 2022, chalking up double-digit growth for trade, exports, imports and trade surplus, said Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.

He said trade rose by 17.5 per cent to RM184.75 billion compared to February 2021, marking the 13th consecutive month of double-digit growth.

Exports surpassed the RM100 billion mark, increasing by 16.8 per cent to RM102.27 billion ― the seventh consecutive month of double-digit growth.

Meanwhile, imports expanded by 18.4 per cent to RM82.48 billion and trade surplus grew by 10.7 per cent to RM19.79 billion.

“The export growth was boosted by higher shipments of electrical and electronic (E&E) products, driven by global digitalisation trends, as well as palm oil and palm oil-based agriculture products.

“Exports to major markets, notably Asean, China, the European Union (EU) and Japan, recorded double-digit growth,” he said in a statement issued by the Malaysia External Trade Development Corporation (Matrade) today.

Mohamed Azmin said month-on-month (m-o-m), trade, exports and imports slipped by 9.2 per cent, 7.9 per cent and 10.8 per cent, respectively, due to shorter working days in February and the festive season, while trade surplus increased by 6.6 per cent.

For the first two months of 2022 period, trade, exports and imports registered the fastest growth since 2010.

Trade jumped by 21.4 per cent year-on-year (y-o-y) to RM388.33 billion; with exports up by 20.4 per cent y-o-y to RM213.34 billion, imports rising by 22.6 per cent y-o-y to RM174.99 billion and trade surplus increasing by 11.2 per cent y-o-y to RM38.35 billion.

E&E products accounted for 38.8 per cent of total exports at RM39.65 billion, increasing by 25.8 per cent y-o-y from February 2021, while exports of petroleum products rose by 9.6 per cent y-o-y to RM7.32 billion, accounting for 7.2 per cent of total exports.

Meanwhile, chemicals and chemical products grew by 28.2 per cent y-o-y to RM6.64 billion, accounting for 6.5 per cent of total exports.

Palm oil and palm oil-based agriculture products surged by 58.9 per cent y-o-y to RM6.26 billion or 6.1 per cent of total exports, and manufactures of metal increased by 31.8 per cent y-o-y to RM4.95 billion or 4.8 per cent of total exports.

“In February 2022, trade with Asean accounted for 27.6 per cent of Malaysia’s total trade, growing by 24.6 per cent y-o-y to RM51.03 billion,” he said.

During the month, trade with China, which represented 17.4 per cent of Malaysia’s total trade, expanded by 11.9 per cent y-o-y to RM32.18 billion.

Exports to China registered a growth of 19.2 per cent y-o-y to RM15.28 billion following higher exports of E&E products as well as chemicals and chemical products, while imports from China rose by six per cent to RM16.9 billion.

Mohamed Azmin said trade with the European Union (EU), which constituted 8.1 per cent of Malaysia’s total trade in February 2022, grew by 17.8 per cent y-o-y to RM15.03 billion.

He said exports to the EU rose by 18.5 per cent to RM9.17 billion ― the fifth consecutive month of double-digit growth, driven by higher exports of E&E products as well as palm oil and palm oil-based products.

“Imports from the EU edged up 16.9 per cent y-o-y to RM5.86 billion,” he added. ― Bernama