KUALA LUMPUR: Malaysia’s trade surplus widened in March 2023 to RM26.69 billion compared to March 2022, marking the 35th consecutive month of trade surplus since May 2020 and the highest trade surplus ever recorded for March.
Trade fell slightly by 1.6 per cent to RM232.72 billion in March 2023, while exports declined 1.4 per cent to RM129.71 billion and imports were lower by 1.8 per cent to RM103.01 billion year-on-year (y-o-y).
The Ministry of Investment, Trade and Industry (Miti) said trade, exports, imports and trade surplus recorded double-digit growth of 13.5 per cent, 15.5 per cent, 11.1 per cent and 36.4 per cent respectively compared to February 2023.
Trade also grew by 3.2 per cent to RM644.87 billion in the first quarter (1Q) of 2023 versus 1Q 2022, while exports increased 2.8 per cent to RM354.63 billion and imports expanded by 3.7 per cent to RM290.24 billion, according to its statement today.
It said trade, exports and imports registered the highest value for the period. However, the trade surplus edged down by one per cent in the quarter to RM64.39 billion.
Miti said exports of manufactured goods, which constituted 84 per cent or RM108.96 billion of total exports in March 2023 decreased marginally by 0.4 per cent y-o-y amid lower exports of electrical and electronic (E&E) products, rubber products and wood products.
Exports of mining goods totalled eight per cent of total trade or RM10.4 billion, a decrease of 3.5 per cent y-o-y on lower petroleum condensate and other petroleum oil demand, while agriculture goods with 7.3 per cent share stood at RM9.43 billion, slipping 10.8 per cent y-o-y due to lower exports of palm oil and palm oil-based agriculture products.
An increase in exports was registered for liquefied natural gas (LNG).
Miti said that in March 2023, trade with Asean represented 27.9 per cent or RM64.84 billion of Malaysia’s total trade, declining by 1.4 per cent y-o-y.
Exports amounted to RM37.98 billion, a drop of 3.4 per cent on lower exports of E&E products.
However, increases in exports were recorded for petroleum products, machinery, equipment and parts as well as transport equipment.
On the other hand, imports from Asean expanded by 1.6 per cent to RM26.86 billion.
Exports to Asean major markets that recorded increases were Singapore, which grew by RM615.3 million and Indonesia, which expanded by RM738.9 million on account of robust exports of petroleum products.
The ministry said trade with China, which made up 16.3 per cent or RM37.84 billion of Malaysia’s total trade contracted by three per cent y-o-y, as exports valued at RM16.68 billion, shrank by 6.2 per cent as a result of lower exports of E&E products.
An increase in exports, however, was recorded for metalliferous ores and metal scrap, chemicals and chemical products as well as LNG. Imports from China slipped by 0.3 per cent to RM21.16 billion.
Trade with the United States (US) in March with a share of 9.5 per cent of Malaysia’s total trade was up by 5.2 per cent y-o-y to RM22.05 billion. Exports expanded by 7.5 per cent to RM14.59 billion and imports from the US edged up by one per cent to RM7.46 billion.
Trade with the European Union (EU) took up 8.3 per cent of Malaysia’s total trade in March 2023, expanding by 6.1 per cent y-o-y to RM19.41 billion.
Exports amounted to RM10.98 billion, declining by 5.3 per cent on lower exports of E&E products, palm oil and palm oil-based agriculture products as well as rubber products. Imports from the EU jumped 25.9 per cent to RM8.43 billion.
Meanwhile, trade with Free Trade Agreement (FTA) partners which contributed 67.5 per cent or RM157.18 billion to Malaysia’s total trade, edged down marginally by 0.9 per cent y-o-y.
Exports to FTA partners declined by 1.5 per cent to RM89.48 billion and imports shrank by 0.1 per cent to RM67.7 billion, Miti said.
As for imports, intermediate goods, valued at RM53.81 billion or 52.2 per cent share of total imports, decreased by 8.7 per cent in March 2023 y-o-y; capital goods, valued at RM9.77 billion (9.5 per cent), increased by 3.5 per cent; and consumption goods, valued at RM9.26 billion (nine per cent), grew by 6.2 per cent. – BERNAMA
