KUALA LUMPUR: Malaysia's trade performance in August 2022 remained resilient, with exports breaching the RM1 trillion mark in eight months.
Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the country's trade surged by 56.7 per cent to RM265.74 billion compared to August 2021, the 19th consecutive month of double-digit growth.
"This was the highest monthly value for the month of August," Azmin said in a statement.
Exports increased by 48.2 per cent to RM141.33 billion, the 13th successive month of double-digit growth.
Imports leapt by 67.6 per cent to RM124.41 billion, and the trade surplus contracted by 19.9 per cent to RM16.92 billion.
The export expansion was attributed to higher shipments of electrical and electronic (E&E) products, petroleum products, palm oil and palm oil-based agriculture products, liquefied natural gas (LNG), and optical and scientific equipment.
Exports of petroleum products, LNG, and optical and scientific equipment registered the highest monthly value.
According to Azmin, exports to major trading partners, notably ASEAN, China, the United States (US), the European Union (EU) and Japan, recorded double-digit growth.
He said exports to all ASEAN markets recorded increases, notably to Singapore, which grew by RM7.36 billion, due to higher exports of electrical and electronic (E&E) products, Indonesia (RM3.51 billion, petroleum products), Thailand (RM2.18 billion, E&E products) and Vietnam (RM310.5 million, E&E products).
"Malaysia also registered the highest monthly export value to Japan," he said.
On a month-on-month (MoM) basis, trade, exports, imports, and trade surplus grew by 5.2 per cent, 5.4 per cent, 5.0 per cent and 8.6 per cent, respectively.
From January to August 2022, Azmin said trade expanded by 33.1 per cent to RM1.873 trillion from last year.
Exports surpassed RM1 trillion, the shortest period to reach this milestone, expanding by 30.3 per cent to RM1.014 trillion.
Imports climbed by 36.7 per cent to RM858.83 billion, and the trade surplus was up by 3.7 per cent to RM155.57 billion.
"Trade, exports, imports, and trade surplus registered the highest value for the period," he said.
On imports, Azmin said total imports in August 2022 grew by 67.6 per cent year on year (YoY) to RM124.41 billion.
He said the three main categories of imports by end use which accounted for 69.0 per cent of total imports, were intermediate goods, capital goods and consumption goods.
"Imports of intermediate goods edged up by 35.5 per cent to RM472.31 billion, capital goods (15.9 per cent to RM77.42 billion) and consumption goods (25.1 per cent to RM67.98 billion)," he added.