Malaysia’s trade performance for 2022 registers fastest growth since 1994, says international trade minister

KUALA LUMPUR, Jan 18 — International Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz today announced that Malaysia’s trade performance for the year 2022 registered its fastest growth since 1994.

Trade also surpassed the RM2 trillion mark for the second consecutive year, he said in a statement.

“This is a positive reflection that the nation’s trade performance is on an upward trajectory, boosted by higher external demand and strong commodity prices,” he said.

He said that the Twelfth Malaysia Plan (12MP) projection for 2025 had been exceeded by 24 per cent with three years to go as exports had reached RM1.522 trillion.

The country had posted a trade surplus for the 25th consecutive year since 1998, he added.

Singapore, Thailand and Indonesia were the top export destinations last year, accounting for 78.3 per cent of the country’s total exports to Asean countries, which make up 27.1 per cent of Malaysia’s total trade in 2022.

“Exports to almost all Asean countries registered new record high,” Tengku Zafrul said.

Meanwhile, China remained as Malaysia’s largest trading partner for the 14th consecutive year, with a 17.1 per cent share of the country’s total trade, an expansion of 15.6 per cent to RM487.13 billion compared to 2021.

China was also Malaysia’s largest import source, he added, saying that it was responsible for 21.3 per cent of total imports, a growth of 20.7 per cent to RM276.5 billion compared to the preceding year.

The main imports were electrical and electronic products (E&E products), machinery, equipment and parts as well as chemicals and chemical products, he said.

The United States was Malaysia’s third-largest trading partner, making up 9.4 per cent of Malaysia’s total trade in 2022, a figure that has grown by 23.3 per cent to RM267.59 billion compared to the year before.

Exports to the European Union (EU) also registered its highest value thus far, he said.

Trade with the EU comprised 7.6 per cent of the country’s total trade, a growth of 20.1 per cent to RM216.53 billion from 2021.

“Higher exports were seen for E&E products, petroleum products, manufactures of metal, iron and steel products as well as palm oil-based manufactured products,” he added.

Besides that, significant growth was recorded in the exports to emerging markets such as Egypt, Sri Lanka, Mozambique, Papua New Guinea, Togo, Djibouti and Afghanistan.

“In 2022, exports of manufactured, agriculture and mining goods recorded the highest value thus far with double-digit growth.

“Increases in exports were seen for all products except rubber products as well as crude fertilisers and crude minerals,” Tengku Zafrul said, adding that all products except for crude petroleum had posted the highest export value ever.

“Malaysia’s solid trade performance was in line with countries in the region notably Taiwan and the Republic of Korea (ROK) following steady global demand,” he said.

He also commented on Malaysia’s trade outlook for this year, saying that the country’s performance “is expected to grow at a softer pace” in line with views by the World Trade Organisation (WTO) which forecasts global trade to grow by 1 per cent.

“Despite the challenging global landscape, we will continue to enhance the promotion of international trade and exports to reinforce business resilience and sustain economic growth momentum,” he said.