Malaysia’s total trade for Jan-Oct 2023 exceeds RM2 trillion - Miti

"Trade, exports and imports each posted an 8.0 per cent decrease compared to the corresponding period last year, while trade surplus was lower by 7.9 per cent, amounting to RM190.04 billion," the Ministry of Investment, Trade and Industry (Miti) said in a statement today.

"On a month-on-month (m-o-m) basis, Malaysia's trade in October 2023 expanded by 6.8 per cent to RM239.52 billion. Exports increased by 1.5 per cent to RM126.19 billion and imports registered a double-digit growth of 13.4 per cent to RM113.33 billion.

"Trade surplus reached RM12.87 billion, marking the 42nd consecutive month of trade surplus since May 2020," it added.

Miti said Malaysia's trade for October 2023 declined at a softer pace of 2.4 per cent year-on-year (y-o-y), compared with the double-digit decrease reported in the previous month. Exports eased by 4.4 per cent and imports reduced marginally by 0.2 per cent.

"Malaysia's performance was similar with its key trading partners, notably China, Taiwan, and Indonesia which experienced negative trade growth in October 2023 and a reduction in global imports," it noted.

However, it said exports of transport equipment, processed food, machinery, equipment and parts, manufactures of metal, paper and pulp products as well as wood products, registered expansion.

"Exports of agriculture goods (7.1 per cent share) improved by 3.3 per cent to RM8.90 billion compared to October 2022, marking its first positive growth after twelve consecutive months of decline. Exports of mining goods (6.9 per cent share) dipped by 21.9 per cent y-o-y to RM8.75 billion attributed to lesser exports of liquefied natural gas (LNG) and crude petroleum," it said.

On a m-o-m basis, the ministry said exports of agriculture and mining goods rose by 10.7 and 10.4 per cent, respectively while exports of manufactured goods declined marginally.

For the period of January to October 2023, exports of manufactured goods weakened by 6.3 per cent to RM1.016 trillion compared to the same period in 2022, attributed to lower exports of petroleum products, palm oil-based manufactured products and rubber products.

However, exports of processed food, paper and pulp products as well as transport equipment recorded strong growth.

"Exports of mining goods declined by 12.8 per cent to RM84.92 billion owing to lower shipments of LNG and crude petroleum due to lower commodity prices.

"Exports of agriculture goods dropped by 23 per cent to RM77.74 billion, underpinned by lesser exports of palm oil and palm oil-based agriculture products following the decrease in export prices of palm oil," it said.

In October 2023, trade with ASEAN rebounded by 1.7 per cent y-o-y, and took up 26.9 per cent, or RM64.39 billion of Malaysia's total trade.

"Imports from ASEAN recorded double-digit growth of 13.4 per cent to RM27.82 billion," it said.

Miti said among Malaysia's major export markets in ASEAN that recorded double-digit growth were Vietnam and Philippines, buoyed by higher exports of petroleum products.

"For the period of January to October 2023, trade with ASEAN dropped by 6.9 per cent to RM600.49 billion compared to the corresponding period of 2022.

"Exports dipped by 6.7 per cent to RM350.8 billion resulting from lower shipments of petroleum products, chemicals and chemical products as well as palm oil and palm oil-based agriculture products," it said.