September exports jump to new high of RM110.8 billion

PETALING JAYA: Malaysia’s exports surged 24.7% year-on-year (y-o-y) to a record high of RM110.8 billion in September 2021, supported by both domestic exports and re-exports, according to the Statistics Department.

“This was the 13th consecutive month of y-o-y expansion since September 2020. Domestic exports amounted to RM87.7 billion and contributed 79.1% to total exports, expanded by 22.4%. Re-exports with a value of RM23.2 billion, grew by 34.15, y-o-y,” said Chief Sstatistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin.

Imports in September 2021 amounting to RM84.7 billion, continued to register a growth of 26.5% or RM17.7 billion compared with same month in 2020.

Malaysia’s trade performance in the same month increased 25.5% to RM195.5 billion. The trade surplus expanded by 19.1% to RM26.1 billion.

“Along with the recovery in domestic economic activity due to the implementation of National Recovery Plan in June 2021, the month-on-month performance of exports, imports, total trade and trade surplus were also showing sturdy growth of 16%, 14.2%, 15.2%, and 22.2%, respectively,“ Uzir said.

Out of 254 commodity groups for exports, 168 showed increases compared to the same period of the previous year. As for imports, 147 of 260 groups posted positive growth.

The rise in exports was attributable mainly to higher shipments to Singapore (RM4 billion) followed by China (RM3 billion), the United States (RM2 billion), Indonesia (RM1.7 billion), India (RM1.4 billion), Hong Kong (RM1.1 billion), and Japan (RM879.4 million).

China continued to be the major contributor to the increase in imports (RM4.6 billion), followed by Singapore (RM2.1 billion), the European Union (RM1.9 billion), Indonesia (RM1.6 billion), Taiwan (RM1.5 billion), the US (RM1 billion) and Korea (RM930.7 million).

The expansion in exports was driven by petroleum products (RM5.6 billion), manufactures of metal (RM3.6 billion), palm oil and palm oil-based agriculture products (RM2.8 billion), electrical and electronic products (RM2.2 billion), chemical and chemical products (RM1.7 billion), palm oil-based manufactured products (RM1.2 billion), iron and steel products (RM1.1 billion), and liquefied natural gas (RM1.1 billion).

Meanwhile, the rise in imports was accounted for by electrical and electronic products (RM6.4 billion), petroleum products (RM4 billion), chemical and chemical products (RM2.1 billion), and crude petroleum (RM755.1 million).

“Expansion in imports by end-use, sustained by higher demand for intermediate goods, capital goods, and consumption goods. Imports of intermediate goods (51% of the total imports) amounting to RM43.2 billion, increased 29.7% to RM9.9 billion. Capital goods (10.8% of total imports) increased 20.3% to RM9.2 billion from RM7.6 billion in the preceding year. Imports of consumption goods rose by 3.7% to RM6.9 billion, making up 8.1% of total imports.