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CLICK TO ENLARGEPETALING JAYA: Malaysia’s trade continued its stellar performance in September 2021, with a new high for the trade, export and trade surplus monthly value, according to the International Trade and Industry Ministry.
The country’s exports grew 24.7% to RM110.83bil, and this was the 13th consecutive month of year-on-year (y-o-y) expansion since September 2020.
Trade also expanded 25.5% y-o-y to RM195.54bil – the eighth consecutive month of double-digit growth since February 2021.
Imports increased 26.5% to RM84.7bil and the trade surplus rose 19.1% to RM26.13bil.
The export growth was contributed mainly by robust external demand for petroleum products, manufactures of metal, palm oil and palm oil-based agriculture products, as well as electrical and electronic (E&E) products.
Exports of manufactures of metal, palm oil and palm oil-based agriculture products as well as E&E products registered the highest monthly value thus far.
Exports to Asean, China, the United States and Japan recorded double-digit growth.
In September 2021, trade with China which made up 19.7% of Malaysia’s total trade grew 24.6% y-o-y to RM38.45bil, the 10th consecutive month of double-digit expansion.
Exports to China recorded a double-digit growth of 19% to RM18.52bil, the highest monthly value thus far.
This was due to the higher export of manufactures of metal, iron and steel products, as well as liquefied natural gas (LNG).
Imports from China increased 30.3% to RM19.93bil.
The export of manufactured goods in the month reached its highest monthly value of RM94.86bil or 85.6% of total exports, which was a growth of 21.6% y-o-y.
Petroleum products, manufactures of metal, E&E products, chemicals and chemical products, palm oil-based manufactured products, other manufactures especially solid-state storage devices or SSD as well as iron and steel products registered more than RM1bil expansion in exports, respectively.
Exports of agriculture goods (8.7% share) recorded the highest monthly value of RM9.67bil, and grew 47.7% y-o-y.
This was contributed mainly by higher exports of palm oil and palm oil-based agriculture products, which registered a record high export value.
Exports of mining goods (5.4% share) surged 48.1% y-o-y to RM5.93bil, the sixth straight month of double-digit growth since April 2021, underpinned by higher exports of LNG.
Trade for the third quarter, meanwhile, grew 18.1% y-o-y to RM546.21bil.
For the first nine months of 2021, trade expanded 23.2% y-o-y to RM1.602 trillion.
Exports grew 24.9% y-o-y in this period to RM889.32bil, the fastest growth recorded since 1998.
Imports rose 21.1% y-o-y to RM712.99bil and trade surplus surged 43.1% to RM176.33bil.