KUALA LUMPUR (July 20): The Department of Statistics Malaysia (DOSM) said on Wednesday (July 20) that Malaysia's import value grew 49.3% in June 2022 to a new record high of RM124.2 billion from RM83.2 billion a year earlier partly due to more imports of processed food and beverages, mainly for household consumption.

The country registered record high total trade, export and import value figures in the second quarter of 2022 (2Q22), according to the DOSM.

For June 2022, the DOSM said Malaysia's export value rose 38.8% to RM146.2 billion from a year earlier.

"Malaysia’s total trade recorded a double-digit growth of 43.4% year-on-year (y-o-y) in June 2022 to reach a new high of RM270.4 billion," the DOSM said.

The DOSM said total trade for 2Q22 increased by 32.7% to RM730.4 billion compared to 2Q21. Exports surged by 30% to RM394.2 billion from RM303.3 billion in the preceding year, and imports, with a value of RM336.1 billion, expanded by 36.1%.

"This was the highest quarterly value for total trade, exports and imports thus far. A trade surplus of RM58.1 billion was recorded for the period, shrinking by 10.6%," the DOSM said.

"During the first six months of 2022, total trade, exports, imports and trade surplus continued to record strong double-digit growths. Total trade went up by 28.2%, supported by the expansion in exports (+26.1%) as well as imports (+30.9%).

"Consequently, trade surplus recorded a higher value of RM123.1 billion," the DOSM said.

For June 2022, DOSM chief statistician Datuk Seri Dr Mohd Uzir Mahidin said in the statement that consistent with Malaysia's export performance during the month, the country's import value also maintained its growth momentum of 49.3% to reach a new high at RM124.2 billion.

"As imports grew faster than exports, trade surplus shrank by 0.8% to RM21.9 billion, marking the 26th consecutive month of trade surplus since May 2020," Mohd Uzir said.

According to the DOSM's statement, the rise in Malaysia's June 2022 export value was due mainly to more exports to countries including Singapore, Indonesia, Japan and the United States.

Top contributors to the increase in Malaysia's imports included Singapore, China, Taiwan and the United States, the DOSM said.

The DOSM said, "The expansion in (Malaysia's) imports by end use [was] sustained by higher demand for intermediate goods, capital goods and consumption goods."

"Imports of intermediate goods, valued at RM64.4 billion or 51.8% of total imports, increased by 46.9%, following higher imports of industrial supplies, processed. Capital goods, totalled RM11.2 billion (9% of total imports), grew by 30.4%, due mainly to higher imports of transport equipment, industrial.

"Meanwhile, imports of consumption goods (7.4% of total imports) registered an increase of 25.6% to RM9.2 billion, as a result of higher imports of food and beverages, processed, mainly for household consumption," the DOSM said.

Malaysia's June 2022 export value expansion from a year earlier was driven by higher sales value of products including electrical and electronic items besides petroleum and palm oil-based products, according to the DOSM.