PETALING JAYA: Malaysia’s exports in May 2023 have improved with a marginal decrease of 0.7% year-on-year (y-o-y) to RM119.6 billion, following a 17.6% drop in the prior month.
Imports registered a single-digit decrease of 3.3% y-o-y to RM104.2 billion.
Alongside that, Malaysia’s trade fell 2% last month, compared with May 2022.
Meanwhile, the trade balance remained in surplus with a value of RM15.4 billion, rebounding to register an increase of 21.4% y-o-y, according to the Department of Statistics Malaysia’s external trade statistics bulletin for May.
According to the department, Malaysia’s exports in May 2023 were supported by better performance in domestic exports and re-exports. Domestic exports worth RM93.7 billion, contributing 78.3% to total exports, shrank 2.5% compared with the same month last year.
Re-exports. amounting to RM25.9 billion. strengthened by 6.4% in comparison with May 2022. Imports, with a value of RM104.2 billion, slipped by 3.3% from RM107.8 billion in May 2022.
In tandem with the export and import performance, total trade decreased 2% to RM223.8 billion, y-o-y.
Compared with April 2023, the performance of exports, imports, total trade and trade surplus showed increases of 13.7%, 12.6%, 13.2% and 22.1%, respectively.
With regard to commodities, 88 out of 259 export groups and 121 out of 259 import groups showed decreases as compared to the same month last year.
DoSM said the reduction in exports was mainly contributed by Bangladesh (-RM1.3 billion), followed by Taiwan (-RM860.3 million), Hong Kong (-RM649.5 million) and the European Union (-RM598.9 million).
Meanwhile, the decrease in imports was mainly due to fewer shipments from Vietnam (-RM2.9 billion), Taiwan (-RM1.3 billion), the United States (-RM909.9 million) and Hong Kong (-RM733.7 million).
As for exports, the fall was driven by palm oil & palm oil-based agricultural products (-RM3.5 billion); palm oil-based manufactured products (-RM1.1 billion); iron & steel products (-RM617.0 million); and rubber products (-RM489.0 million).
Meanwhile, the contraction in imports was recorded for electrical & electronic products (-RM7.0 billion); coal, coke & briquettes (-RM1.6 billion) and gold, non-monetary (-RM1.2 billion).
On the same note, the decrease in imports by end-use was contributed by lower demand for intermediate goods. Imports of intermediate goods (53.1% of total imports) amounted to RM55.3 billion, down RM7.8 billion or 12.3%.
However, imports of capital goods and consumption goods recorded increases. Import of capital goods amounted to RM10 billion, higher by 13.7% compared with May 2022, and made up 9.6% of total imports. Consumption goods (8.5% of total imports), recorded a 4.5% increase from RM8.5 billion in the previous year to RM8.9 billion.
In addition, the overall performance for January to May 2023 which includes, total trade, exports, imports and trade surplus declined compared with the same period last year. Total trade fell 1.7%, in line with the reduction in exports (-2.3%) and imports (-1.0%).
Consequently, the trade surplus registered a decrease of 8.7% to RM92.4 billion.
