KUALA LUMPUR: Malaysia's total trade grew 26 per cent year on year (YoY) to RM867.4 billion in the first five months of 2021, said the Ministry of International Trade and Industry (MITI).
Trade surplus surged 112.2 per cent to RM92.79 billion as exports rose 31.1 per cent to RM480.09 billion and imports increased 20.1 per cent to RM387.31 billion.
According to data provided by the ministry, Malaysia's trade performance maintained its upward trend in May 2021, expanding by 48.7 per cent to RM170.88 billion compared to May 2020.
Exports surged 47.3 per cent to RM92.31 billion, while imports rose 50.3 per cent to RM78.57 billion for the nine months since September 2020.
Trade surplus expanded by 32.3 per cent to RM13.74 billion for the same period.
Trade, exports and imports recorded the highest monthly value for May and registered double-digit growth for four consecutive months.
According to MITI, the export growth was contributed mainly by robust demand for electrical and electronic (E&E) products, semiconductors due to the increasing orders for work-from-home equipment and digitalisation of businesses, rubber products, and petroleum products.
All major markets, namely ASEAN, China, the United States (US), the European Union (EU) and Japan, registered positive export growth, Miti said.
For May 2021, trade with ASEAN grew 54.2 per cent YoY to RM43.33 billion, accounting for 25.4 per cent of Malaysia's total trade.
Exports sustained double-digit growth since February 2021, increasing by 49.4 per cent to RM25.66 billion, while imports from Asean increased 61.8 per cent to RM17.67 billion.
In the first five months of 2021, trade with ASEAN expanded 29.5 per cent YoY to RM224.94 billion.
Exports to this region rose by 27 per cent to RM134.88 billion, buoyed by higher exports of E&E products, chemicals and chemical products, machinery, equipment and parts, and metal manufacturers.
Imports from ASEAN expanded by 33.4 per cent to RM90.06 billion, the ministry said.
Meanwhile, Miti said in May 2021, trade activities with free trade agreement (FTA) partners increased 51.8 per cent YoY to RM115.8 billion, accounting for 67.8 per cent of Malaysia's total trade.
Exports to FTA partners rose 46.6 per cent to RM62.67 billion, and imports expanded 58.5 per cent to RM53.13 billion.
Compared to April 2021, trade, exports and imports reduced 9 per cent, 10.5 per cent and 7.2 per cent, respectively.
Trade with FTA partners for the first five months of 2021 which accounted for 67.1 per cent of Malaysia's total trade, rose 26.2 per cent to RM582.03 billion compared to the same period of 2020.
Exports expanded 27.4 per cent to RM321.28 billion, and imports grew 24.6 per cent to RM260.75 billion, it said.