KUALA LUMPUR (Jan 28): Malaysia’s export value grew 26% to a record high of RM1.2 trillion in 2021 from a year earlier as the country’s December figure expanded 29.2% to RM123.8 billion, led by the sale of electrical and electronics products to major importers like China, the US and Singapore, according to the Department of Statistics Malaysia (DOSM) on Friday (Jan 28).
In a statement, the DOSM noted that the nation’s cumulative import value increased 23.3% to RM987.2 billion in 2021.
"Malaysia’s trade surplus widened by 37.7% from RM183.3 billion in the preceding year to RM252.6 billion, the highest trade surplus ever recorded. This was the 24th consecutive year of a trade surplus since 1998.
"Looking at the excellent performance of exports in 2021, electrical and electronics products led the way, increasing by RM69.4 billion or 18% as compared with 3.5% in the previous year.
"[Exports of] these products grew significantly almost throughout the entire year of 2021, owing to increased domestic production as well as higher external demand for component of electrical and electronics products, mainly attributed to semiconductor, telecommunications equipment and office machines and automatic data processing equipment,” the DOSM explained.
The department said Malaysia’s export value growth in 2021 was also supported by higher sales of items including petroleum and palm oil-based products.
Meanwhile, the rise in the country’s import value was led by higher purchases of items including electrical and electronics, petroleum and chemical products, according to the DOSM.
Total trade at record RM2.2 trillion in 2021
The nation's export performance in December 2021 remained resilient with export value above RM100 billion for the fourth consecutive month due to favourable external and domestic economic activity, the department said.
"Along with the export performance, imports also registered a strong growth of 23.6% to RM92.9 billion as compared to December 2020.
"Total trade soared by 26.8% to RM216.7 billion as compared to the same month in 2020, bringing the highest-ever total trade of RM2.2 trillion in 2021,” the DOSM noted.
On a month-on-month basis, Malaysia’s December 2021 export value grew 10.4% from November, while import value decreased 0.4%, according to the department.
"The overall performance in the fourth quarter of 2021 (4Q21) also experienced a significant increase as compared to 4Q20. Exports, imports, total trade and the trade surplus expanded by 29%, 29.6%, 29.2% and 26.9% respectively,” the DOSM added.
In geographical terms, the year-on-year export value growth in December 2021 was mainly due to growth in exports to countries like China, the US and Singapore, to which the export value rose RM4.5 billion, RM3.6 billion and RM3 billion respectively, the department stated.
"On a similar note, imports from China continued to register an increase of RM4 billion as the main contributor to the increase in imports, followed by Singapore (+RM2.4 billion), Taiwan (+RM2.2 billion), Indonesia (+RM1.9 billion), South Korea (+RM1.5 billion), the European Union (+RM1.3 billion) and the US (+RM1.2 billion),” the DOSM said.