Trade, exports, imports and trade surplus registered record-high monthly value in October, says Azmin

Trade, exports, imports and trade surplus registered record-high monthly value in October, says Azmin
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KUALA LUMPUR (Nov 29): Malaysia’s trade continued its remarkable achievement in October 2021, registering another round of record-high monthly value for trade, exports, imports and the trade surplus, Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said.

He said total trade expanded by 26.5% to RM202.61 billion as compared to October 2020, breaching the RM200 billion mark for the first time and was the ninth consecutive month of double-digit growth since February 2021.

“Exports rose by 25.5% to RM114.43 billion, the 14th consecutive month of year-on-year (y-o-y) expansion since September 2020,” he said in a statement issued by the Malaysia External Trade Development Corporation (MATRADE) on Monday (Nov 29).

He said imports were higher by 27.9% at RM88.18 billion and the trade surplus increased by 17.9% to RM26.25 billion.

The minister said export growth was boosted mainly by higher shipments of petroleum products, manufactures of metal, electrical and electronic (E&E) products, chemicals and chemical products as well as palm oil and palm oil-based agriculture products.

“Exports of manufactures of metal and E&E products registered the highest monthly value thus far,” he said.

Meanwhile, he said exports to major markets, notably ASEAN, China, the US, the European Union and Japan, recorded double-digit growth with exports to ASEAN registering the highest monthly value.

Mohamed Azmin said on a month-on-month basis, trade, exports, imports and the trade surplus grew by 3.6%, 3.2%, 4.1% and 0.5% respectively.

He said for the first 10 months of 2021, trade expanded by 23.5% to RM1.805 trillion from the same period last year.

“Exports surpassed RM1 trillion in just 10 months, increasing by 25% to RM1.004 trillion and exceeded overall exports in 2020,” he said.

Additionally, he said exports surpassed the highest annual value ever recorded in 2018.

He said imports rose by 21.8% to RM801.17 billion and the trade surplus surged by 39.2% to RM202.58 billion.

“Trade, exports, imports and the trade surplus registered the highest value for the period,” he said.

He said major exports in October 2021 were E&E products valued at RM42.01 billion, an increase of 8.8% from October 2020 and accounted for 36.7% of total exports.

The minister said this was followed by petroleum products valued at RM9.88 billion, a surge by 126% from October 2020, accounting for 8.6% of total exports, and manufactures of metal worth RM7.78 billion, a rise of 146.9% y-o-y, and constituting 6.8% of total exports.

He added that exports of palm oil and palm oil-based agriculture products grew 34.6% to RM7.36 billion and made up 6.4% of total exports. Chemical and chemical product exports jumped 58.9% to RM6.61 billion and accounted for 5.8% of total exports.