Malaysia’s export value expands to RM112.84bil in January

January trade snapshot

KUALA LUMPUR: Malaysia recorded a 1.9% trade expansion over the year to RM207.51bil in January to chalk up the highest recorded value for the month.

According to the Ministry of International Trade and Industry (Miti), exports rose 1.6% to RM112.84bil on the back of strong exports of petroleum products, liquefied natural gas (LNG) as well as electrical and electronics (E&E) products.

Miti also reported a 2.3% increase in imports to RM94.67bil, which narrowed Malaysia’s trade surplus by 2.1% year-on-year (y-o-y) to RM18.16bil.

Owing to the shorter working days and long festive holidays in January, month-on-month:

• Total trade contracted 11.8%
• Exports contracted 14.4%
• Imports contracted 8.6%
• Trade surplus contracted 35.5%

However, there was an expansion in the exports of petroleum products and electrical and electronic products, as well as mining and agriculture goods.

Exports by destination

Among its major trading partners, Malaysia recorded a 5.6% y-o-y increase in total trade with Asean to RM55.26bil.

Exports to the region grew 10.7% to RM34.1bil, which represented an 18th straight month of double-digit growth.

“This was underpinned by higher exports of petroleum products and E&E products. Imports from ASEAN declined by 1.8% to RM21.16bil,” — Miti

• Singapore (Malaysia’s biggest export destination): shipments grew 19% y-o-y to RM17.92bil
• China: exports slipped 11.9% y-o-y to RM14.98bil on lower shipments of iron and steel products as well as petroleum products, though there were higher exports of chemicals and chemical products as well as E&E products
• US: saw a marginal 0.6% decrease in Malaysian exports
• Japan: received 13.2% more exports from Malaysia

As for imports, the three main categories of imports by end-use, comprising intermediate, capital and consumption goods, all declined during the month.

Malaysia’s leading import sources China and Singapore saw a 4.9% and 4.1% decline in shipments to the country in January.

Source: The Star https://www.thestar.com.my/business/business-news/2023/02/20/malaysia039s-exports-expand-to-rm11284bil-in-january