Economists polled by Reuters had pencilled in export growth of 4.5 per cent for Malaysia in February. The actual figure was 9.8 per cent.
The Department of Statistics Malaysia reported on March 20 that exports reached RM112.3 billion compared with the same month in 2022. Imports came to RM92.7 billion, up 12.4 per cent. Total trade rose 11 per cent year on year to RM205 billion, or RM20.3 billion more than a year earlier.
Petroleum and gas lead
Business Times reported that refined petroleum did most of the lifting, with exports up 73.6 per cent. Liquefied natural gas rose 32.9 per cent and electrical and electronic products 11.7 per cent. Palm oil, timber and natural rubber products went the other way, each continuing to decline, by between 6.22 per cent and 16.7 per cent.
Domestic exports totalled RM87.5 billion, about 77.9 per cent of the total, and grew 3.8 per cent. Re-exports, at RM24.8 billion, jumped 37.6 per cent.
Asean up, China down
The Ministry of International Trade and Industry said shipments to Asean countries rose nearly 15 per cent to RM33.7 billion. That offset a 6 per cent year-on-year fall in exports to China, which came to RM14.3 billion. The ministry put the China decline down to lower exports of iron and steel, petroleum and chemical products.
Singapore and China remained the two biggest trading partners. Exports to Singapore were 28 per cent higher at RM18.5 billion, 16.5 per cent of all exports, on strong demand for electrical and electronic goods and petroleum products. China took RM14.4 billion, nearly 13 per cent of the total. On the import side, goods from China grew 15.2 per cent to RM19.6 billion, 21 per cent of imports. Imports from Singapore rose 11.2 per cent to RM9.6 billion.
Month on month
February was weaker than January. Total trade slipped 1.1 per cent, exports 0.3 per cent, or RM378.6 million, and imports 1.9 per cent.
The trade surplus was RM19.6 billion. That was 1.3 per cent lower than a year before, yet 7.9 per cent, or RM1.4 billion, higher than in January. It was the 34th straight monthly surplus since May 2020.
For January and February together, total trade grew 6.1 per cent. Exports rose 5.4 per cent and imports 7.0 per cent, while the surplus was down 1.8 per cent.
Sources
- Department of Statistics Malaysia
- Petroleum, LNG products boost Malaysia’s February exports; nearly 10% growth exceeds forecasts
