PUTRAJAYA: Malaysia’s trade performance continued the growth momentum in April 2022, with trade increasing by 21.3 per cent from RM190.8 billion in the preceding year to RM231.4 billion.
The total trade registered a strong double-digit growth for 15th consecutive months since February 2021. In accordance, exports registering a strong growth of 20.7 per cent as compared to April 2021 marked the 20th consecutive month of year-on-year (y-o-y) expansion since September 2020.
“Imports increased by 22.0 per cent to RM103.9 billion and trade balance registered a surplus of RM23.5 billion, grew by 15.7 per cent in April 2022 as reported today in Malaysia External Trade Statistics Bulletin, April 2022.
Meanwhile, Chief Statistician Malaysia, Datuk Seri Dr. Mohd Uzir Mahidin said “Malaysia’s exports surged by 20.7 per cent from RM105.6 billion to RM127.5 billion, the ninth successive month of double-digit y-o-y growth.
He said, the expansion was driven by both domestic exports and re-exports. Domestic exports was valued at RM103.4 billion contributed 81.1 per cent to total exports, grew by 21.7 per cent, y-o-y.
Dr. Mohd. Uzir also said the re-exports registered RM24.1 billion, increased by 16.8 per cent. Consistent with export performance, imports in April 2022 also registered double-digit growth of 22.0 per cent from RM85.2 billion to RM103.9 billion, outpacing export growth for four consecutive months.
“However, in comparison to Mach 2022, the performance of total trade, exports, imports and trade surplus showed declines of 2.1 per cent, 3.1 per cent, 0.9 per cent and 11.6 per cent, respectively,” he said in a statement here today.
On another development, the Department of Statistics Malaysia also reported, the rise in exports was attributable mainly to the higher exports to the European Union (+RM2.7 billion), the United States (+RM2.2 billion), China (+RM1.9 billion), Australia (+RM1.9 billion), Republic of Korea (+RM1.5 billion), Taiwan (+RM1.4 billion), Singapore (+RM1.4 billion), India (+RM1.4 billion), Japan (+RM1.4 billion) and Hong Kong (+RM1.2 billion).
The statement added, besides that the top contributor to the increase in imports has shifted once again, led by Indonesia with a RM2.8 billion increase. It was followed by Taiwan (+RM1.8 billion), Singapore (+RM1.8 billion), China (+RM1.7 billion), the United States (+RM1.7 billion), Republic of Korea (+RM1.4 billion), Saudi Arabia (+RM1.2 billion) and the United Arab Emirates (+RM1.0 billion).
“Commenting further on exports, the expansion by products was driven by electrical & electronic products (+RM10.0 billion); manufacture of metal (+RM2.5 billion); palm oil & palm oil-based agriculture products (+RM2.1 billion); chemical & chemical products (+RM1.8 billion); palm oil-based manufactured products (+RM1.8 billion); liquefied natural gas (+RM1.7 billion) and crude petroleum (+RM1.1 billion),” Dr. Mohd. Uzir said.
Meanwhile, the rise in imports were noted for electrical & electronic products (+RM7.2 billion); crude petroleum (+RM2.9 billion); chemical & chemical products (+RM1.8 billion); metalliferous ores & metal scrap (+RM1.7 billion) and manufacture of metal (+RM1.1 billion).
On the same note, the expansion in imports by End Use sustained by higher demand primarily for intermediate goods and consumption goods. Imports of intermediate goods (57.3% of the total imports) totalled RM59.6 billion, expanded by RM13.1 billion or 28.1 per cent.
Consumption goods (8.0% of total imports) registered an increase of 9.7 per cent from RM7.5 billion in the preceding year to RM8.3 billion. In contrary, imports of capital goods amounting RM9.1 billion, shrank by 2.4 per cent as compared to April 2021, and comprised of 8.8 per cent of total imports.
In addition, the performance for January to April 2022, total trade, exports, imports and trade surplus continued to record strong double-digit growths. The total trade went up by 22.9 per cent, supported by the expansion in exports (+21.8%) as well as imports (+24.3%).
Consequently, trade surplus recorded a higher value of RM88.6 billion. –Malaysia World News