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PETALING JAYA: Malaysia’s trade performance in May rose 33.6% to RM228.37bil from RM170.88bil last year, according to the Ministry of International Trade and Industry (Miti).
Miti said trade has grown for the 16th straight month and May’s double-digit growth was the fastest since November 2021.
“Exports increased by 30.5% to RM120.49bil, the 10th consecutive month of double-digit expansion.
“Imports grew by 37.3% to RM107.88bil while the trade surplus contracted by 8.3% to RM12.62bil.
“Trade, exports, and imports registered the highest monthly value for May,” it said in a statement.
Export growth was driven by higher demand for electrical and electronic products (E&E), petroleum products, palm oil, and palm oil-based agriculture products.
Export of petroleum products registered an all-time high monthly value. Export to major markets notably Asean, China, the United States, the European Union, and Japan recorded double-digit growth.
“On a month-on-month basis, imports grew by 3.6%. Meanwhile, trade, exports and trade surplus slipped by 1.4%, 5.6%, and 46.3%, respectively. Total trade surpassed RM1 trillion in just five months, the shortest period to breach this milestone.
“From January to May 2022, trade, exports, imports and trade surplus registered the highest value for the period. Trade climbed by 25.1% to RM1.085 trillion compared to the same period last year.
“Exports jumped by 23.5% to RM592.97bil and imports leapt by 27% to RM491.85bil. The trade surplus edged up by 9% to RM101.12bil,” Miti said.
Major exports in May 2022 were E&E products which increased 45.3% RM45.87bil and accounted for 38.1% of total exports, from May 2021.