PETALING JAYA: A strengthening global economy boosted Malaysia’s trade performance with double-digit growth in July.
Total trade registered an increase of 18.3% to RM255.9 billion last month from RM216.2 billion in July of the previous year. The strong performance was primarily driven by a 25.4% growth in imports to RM124.7 billion and 12.3% increase in exports to RM131.1 billion.
Chief Statistician Malaysia, Datuk Seri Dr Mohd Uzir Mahidin said exports increased in July in tandom with the rise in domestic exports (80.1% to total exports), which were up by 18% to RM105 billion, compared to July 2023. Re-exports (19.9% to total exports) amounted to RM26.1 billion, down by 5.8% compared to the same month in the previous year.
Meanwhile, imports were worth RM124.7 billion, an increase of 25.4%.
Total trade registered the 51st consecutive month of surplus since May 2020. It, however, decreased by 62.9% to RM6.4 billion.
Compared with June this year, last month’s exports, imports and total trade recorded increases of 4.1%, 11.6% and 7.6%, respectively. Nonetheless, the trade balance decreased by 55.1%.
From the perspective of commodity groups, 177 out of 259 export groups and 192 out of 258 import groups showed an increase compared to the same month of the previous year.
Mohd Uzir said higher exports were attributable mainly to the United States (+RM4.2 billion), followed by Singapore (+RM3.2 billion), Taiwan (+RM1.9 billion), the European Union (+RM1.3 billion), Philippines (+RM808.7 million), India (+RM696.2 million), Mexico (+RM690.6 million), Japan (+RM682.5 million) and Vietnam (+RM601.1 million).
Higher imports were mainly from China (+RM6.6 billion), followed by the United States (+RM6.3 billion), Taiwan (+RM4.1 billion), Singapore (+RM2.7 billion), the European Union (+RM1.7 billion), Thailand (+RM833.0 million), Japan
(+RM752.3 million), Indonesia (+RM643.1 million) and Nigeria (+RM600.9 million).
Mohd Uzir said the rise was in line with the increase in other manufactures (+RM2.1 billion); palm oil & palm-based agriculture products (+RM2 billion); machinery, equipment & parts (+RM1.7 billion); petroleum products (+RM1.5 billion); electrical & electronic products (+RM1.3 billion); and manufacture of metal (+RM844.5 million).
Increases in imports werelogged for electrical & electronic products (+RM14.9 billion); machinery, equipment & parts (+RM4.1 billion); other agriculture (+RM1.9 billion); manufacture of metal (+RM1.3 billion); other manufactures (+RM626.5 million); and chemical & chemical products (+RM536.3 million).
Imports of intermediate goods (55.4% of total imports), valued at RM69.1 billion, registered an increase of 41.2% or RM20.2 billion compared to July 2023. Capital goods (12.1% of total imports) with a value of RM15.1 billion, rose by 44.4%.
Consumption goods (8.8% of total imports), grew by 25.5% from RM8.7 billion in the previous year to RM11 billion.
Total trade, exports and imports for the period of January to July 2024 registered an increase. Total trade grew by 9.8%, from RM1.5 trillion to RM1.7 trillion, in line with the rise in exports (+5.1%) as well as imports (+15.5%). On the contrary, trade surplus decreased by 46.9% compared to the same period in 2023 to post a value of RM72.5 billion.
