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11-month trade exceeds RM2 trillion for first time

Malaysia’s total trade for January to November 2021 surpassed the RM2 trillion mark for the first time, expanding by 24.6% from the corresponding period in 2020.

Consistent with the trade’s performance, exports and imports for the 11 months period also registered double-digit growths of 25.7%, with a value of RM1.1 trillion and 23.3%, which amounted to RM894.4 billion, respectively.

Meanwhile, trade surplus expanded by 36.2% to RM221.5 billion compared to the same period in 2020.

Malaysia’s export performance in November 2021 saw a 32.4% leap to RM112.2 billion compared to the same month of the previous year supported by both domestic exports and re-exports, marking the fourth consecutive month of double-digit growth since August.

The Department of Statistics Malaysia’s (DOSM) external trade statistics reported a strong growth for imports at 38% year-on-year (y-o-y). Consequently, the country’s total trade expanded by 34.9% y-o-y to RM205.5 billion for November 2021.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin stated that domestic exports stood at RM93.7 billion and contributed 83.5% to the total exports, widened by 34.3%. Re-exports registered RM18.5 billion, increased by 23.9% as compared to November 2020.

Uzir noted the months saw a trade surplus valued at RM18.9 billion, the 19-straight month of trade surplus since May 2020.

“In accordance to the recovery in global economic activity, the month-on-month performance of imports and total trade were also remarked positive growths, higher by 5.9% and 1.5%, respectively. In contrast, exports decreased marginally by 1.9% and trade surplus declined by 28.1%,” he said in a statement.

The report also revealed 192 out of 255 commodity groups for exports saw better performance compared to the same month of the previous year, while imports saw 191 of 258 groups posted positive growths.

In terms of destination, it reported a higher exports to the US (+RM3.3 billion), followed by China (+RM2.9 billion), Singapore (+RM2.6 billion), Vietnam (+RM2.5 billion), the European Union (+RM2.1 billion), India (+RM2 billion), Indonesia (+RM1.9 billion), Japan (+RM1.4 billion) and Korea (+RM1.2 billion).

Meanwhile, the month’s export expansion was driven by electrical & electronic products (+RM5.9 billion); petroleum products (+RM5.1 billion); palm oil & palm oil-based agriculture products (+RM3.9 billion); manufacture of metal (+RM2.5 billion); chemical products (+RM2 billion); liquefied natural gas (+RM1.9 billion); palm oil-based manufactured products (+RM1.3 billion); machinery, equipment & parts (+RM1.1 billion) and iron & steel products (+RM1 billion).

  • The Sun Daily