Malaysia's June exports up 27.2% y-o-y, thanks to strong petroleum products, E&E demand

Malaysia's June exports up 27.2% y-o-y, thanks to strong petroleum products, E&E demand
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KUALA LUMPUR (July 28): Malaysia’s trade performance continued its growth momentum in June, with trade increasing by 29.3% to RM188.7 billion from a year ago, Malaysia External Trade Development Corp (Matrade) said.

Exports recorded the 10th consecutive month of year-on-year (y-o-y) expansion since September 2020, registering a strong growth of 27.2% to RM105.47 billion. This was the third time exports exceeded RM100 billion.

The export growth was contributed by strong demand for petroleum products, electrical and electronic (E&E) products, mainly electronic integrated circuits used in the production of smartphones, cars, computers and home appliances, as well as rubber products.

Exports to all major markets, namely Asean, China, the US, the European Union and Japan, recorded double-digit expansion.

Imports in June also increased by 32.1% y-o-y to RM83.23 billion, resulting in the country's trade surplus expanding by 11.7% to RM22.24 billion.

According to Matrade, trade, exports and imports recorded the second highest monthly value thus far after April 2021. "This was also the highest monthly value for June and double-digit growth for five successive months," it said in a statement today.

On a month-on-month basis, trade, exports, imports and trade surplus rose by 10.4%, 14.3%, 5.9% and 61.7%, respectively.

Kang Siew Li