KUALA LUMPUR (Dec 28): Malaysia’s trade surpassed the RM2 trillion mark for the first time for the period of January to November 2021, rising 24.6% year-on-year (y-o-y) to RM2.01 trillion.

In a statement on Tuesday (Dec 28), the Ministry of International and Industry (MITI) said exports increased by 25.7% to RM1.116 trillion.

Imports rose by 23.3% to RM894.42 billion and the trade surplus edged up by 36.2% to RM221.53 billion.

Trade, exports, imports and the trade surplus registered the highest value for the period.

Meanwhile, trade registered the 10th consecutive month of double-digit growth since February 2021 in November 2021, expanding 34.9% y-o-y to RM205.5 billion.

MITI said the figure was above the RM200 billion mark for the second time in a row.

It said exports rose by 32.4% to RM112.2 billion, the 15th consecutive month of y-o-y expansion since September 2020.

Meanwhile, imports were higher by 38% at RM93.3 billion and the trade surplus increased by 10.5% to RM18.9 billion.

Trade and imports recorded the highest monthly value.

MITI said the export expansion was underpinned by strong exports of electrical and electronics (E&E) products, petroleum products as well as palm oil and palm oil-based agriculture products.

Exports to major markets, notably ASEAN, China, the US, the European Union and Japan, recorded double-digit growth, while exports to ASEAN and the US registered an all-time-high monthly value.

On a month-on-month basis, trade and imports grew by 1.5% and 5.9%, while exports and the trade surplus contracted by 1.9% and 28.1% respectively.

MITI said that in November 2021, all major sectors recorded a double-digit y-o-y growth on the back of higher exports of all products except for rubber products and crude petroleum.

The ministry said that in November 2021, trade with ASEAN, which accounted for 27.6% of Malaysia’s total trade, expanded by 45.5% y-o-y to RM56.63 billion.

It said exports were up by 39.4% to RM32.91 billion following robust exports of petroleum and E&E products.

Trade and exports recorded the highest monthly value. Imports from ASEAN climbed by 54.8% to RM23.72 billion.

MITI said exports to all ASEAN markets recorded increases, notably to Singapore, which grew by RM2.63 billion due to higher exports of petroleum products, Vietnam (up RM2.47 billion due to E&E products), Thailand (up RM985.2 million due to E&E products), Indonesia (up RM1.86 billion due to petroleum products) and the Philippines (up RM889.8 million due to petroleum condensates and other petroleum oil).

Meanwhile, MITI said total imports in November 2021 grew by 38% y-o-y to RM93.3 billion.

It said for the period of January to November 2021, imports expanded by 23.3% y-o-y to RM894.42 billion.

Imports of intermediate goods grew by 26.9% to RM493.72 billion, followed by capital goods (up 13.8% to RM93.66 billion) and consumption goods (up 13.2% to RM75.92 billion).