KUALA LUMPUR: Malaysia's trade fell 2.4 per cent year-on-year (YoY) in November to RM231.79 billion compared with a year ago, as global imports continued to fall.
Exports reached RM122.10 billion, a contraction of 5.9 per cent YoY while imports grew by 1.7 per cent to RM109.69 billion.
For the period of January to November 2023, trade declined by 7.5 per cent to RM2.413 trillion compared to the same period last year.
Exports decreased by 7.8 per cent to RM1.308 trillion, imports was lower by 7.1 per cent to RM1.105 trillion and trade surplus edged down by 11.3 per cent to RM202.49 billion, respectively.
According to the Investment, Trade and Industry Ministry (MITI), exports reached RM122.10 billion, a contraction of 5.9 per cent YoY while imports grew by 1.7 per cent to RM109.69 billion.
"Malaysia's performance was in tandem with its key trading partners notably Taiwan, Republic of Korea (ROK) and Indonesia which posted negative trade growth in November 2023 and a drop in global imports," it said in a statement.
Trade surplus was valued at RM12.41 billion, making it the 43rd consecutive month of trade surplus since May 2020.
In November 2023, MITI said exports of manufactured goods, which accounted for 83.8 per cent or RM102.38 billion of total exports, contracted by 6.7 per cent YoY as lower shipments was recorded for electrical and electronic (E&E) products, chemicals and chemical products as well as transport equipment.
Despite the decrease, it said export expansion was recorded for petroleum products, machinery, equipment and parts, manufactures of metal, processed food as well as iron and steel products.
Meanwhile, total imports in November 2023 edged up by 1.7 per cent YoY to RM109.69 billion.
MITI said the three main categories of imports by end use, which accounted for 73.7 per cent of total imports, were intermediate goods (51.2 per cent), capital goods (13.6 per cent) and consumption goods (8.9 per cent).
"Compared to October 2023, imports of intermediate, capital and consumption goods were higher by 0.8 per cent, 17.7 per cent and 3.8 per cent, respectively," it said.
In November 2023, trade with Asean registered a marginal contraction of 0.2 per cent YoY, absorbed 27.3 per cent or RM63.31 billion of Malaysia's total trade.
Exports eased by 5.8 per cent to RM36.41 billion as a result of lesser exports of E&E products.
Nevertheless, MITI said the contraction was cushioned by robust exports of crude petroleum, petroleum products as well as machinery, equipment and parts. It said imports from Asean rose by 8.6 per cent to RM26.89 billion.
"Exports to Asean major markets that recorded growth were Vietnam which grew by RM1.55 billion supported by strong exports of E&E products and Indonesia, which increased by RM209.4 million driven by higher exports of petroleum products.
"Compared to October 2023, trade, exports and imports edged down by 1.6 per cent, 0.3 per cent and 3.3 per cent, respectively," it said.