KUALA LUMPUR (June 28): Malaysia’s total trade in May 2021 expanded by 48.7% year-on-year (y-o-y) to RM170.9 billion as the country’s exports and imports maintained strong double-digit growth, according to Malaysia's chief statistician Datuk Seri Dr Mohd Uzir Mahidin.
In a statement today, the Department of Statistics Malaysia (DOSM) highlighted Malaysia's exports, imports and total trade posted a growth of 47.3%, 50.3% and 48.7%, respectively.
“Strong exports support Malaysia’s recovery as Malaysia’s exports continued its positive growth momentum in May 2021, expanding by 47.3% y-o-y to RM92.3 billion.
“The expansion was driven by both domestic exports and re-exports. Domestic exports stood at RM78.7 billion and contributed 85.2% to the total exports, widened by 45.9%.
“[Meanwhile], the re-exports registered RM13.7 billion, increased by 56.1%. Imports in May 2021 amounted to RM78.6 billion, surged by 50.3% y-o-y, outpacing export growth for the first time since April 2020,” Mohd Uzir said.
He added the higher expansion in exports was supported by the higher exports to Singapore amounting to RM4.1 billion, followed by United States (RM3.3 billion), India (RM3 billion), Japan (RM2.1 billion), China (RM2.1 billion), and the European Union (RM1.9 billion).
On imports, the higher figure was mainly fueled by imports from China (RM7.6 billion), Singapore (RM2.6 billion), Taiwan (RM1.9 billion), South Korea (RM1.7 billion), Japan (RM1.7 billion) and Indonesia (RM1.6 billion).
Meanwhile, the chief statistician also said Malaysia’s trade surplus went up by 32.3% to RM13.7 billion as reported today in Malaysia External Trade Statistics Bulletin in May 2021.
“However, in line with the uncertainty in domestic economic activity, the month-on-month (m-o-m) performance of exports, imports, total trade and trade surplus showed declines of 12.6%, 7.8%, 10.4% and 32.5% respectively,” he stressed.
Mohd Uzir also highlighted the expansion in exports was mainly driven by electrical and electronic products (RM8.1 billion), rubber products (RM3.6 billion) and Petroleum products (RM3 billion), among others.
Rise in imports, on the other hand, was on the back of imports in electrical and electronic products (RM4.9 billion), petroleum products (RM4.3 billion) and chemical and chemical products (RM2.7 billion), among others.
“On the same note, expansion in imports by End Use sustained by higher demand primarily for intermediate goods. Imports of intermediate goods (59.7% of the total imports) totalled RM46.9 billion, increased significantly by RM16.1 billion or 52.4%.
“Consumption goods (9.1% of total imports) registered an increase of 37.8% from RM5.2 billion in the preceding year to RM7.1 billion.
“Imports of capital goods, which amounted to RM8.9 billion, increased by 34% as compared to May 2020, and comprised 11.4% of total imports,” he said.