PETALING JAYA: Malaysia’s trade continued to gain momentum in February 2024, increasing 3.3% to RM211.8 billion from RM205 billion in the same month of the previous year.
The increase in total trade was due largely to a year-on-year (y-o-y) rise of 8.4% in imports to RM100.5 billion, comprising mainly capital goods (excluding transport equipment).
On the contrary, exports dropped marginally by 0.8% y-o-y or RM939.5 million while the trade balance fell by 44.4% to RM10.9 billion in February 2024.
Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “Malaysia’s export performance decreased in February 2024 in line with the decline in re-exports. Re-exports amounted to RM19.8 billion, dropped by 20.2% while domestic exports worth RM91.5 billion, contributing 82.2% to total exports rose by 4.7% as compared to February 2023. In contrast, imports were worth RM100.5 billion, increased by 8.4%.”
He added that the smaller trade surplus of RM10.9 billion in February was the 46th consecutive month of surplus since May 2020.
Comparing last month’s trade performance with January 2024, exports, imports and total trade recorded contractions of 9.1%, 10.5% and 9.7%, respectively. However, the trade balance recorded an increase of 6.9%.
From the perspective of commodity group, 113 out of 257 export groups declined, while 172 out of 259 import groups increased compared with the same month of the previous year.
Mohd Uzir said the lower exports were attributable to decrease in shipments to Singapore (-RM2.8 billion) followed by Hong Kong (-RM2.1 billion), Thailand (-RM1.0 billion), South Korea (-RM476.7 million) and Brazil (-RM396.8 million). Meanwhile, higher imports were mainly contributed by Singapore (+RM2.8 billion) followed by the United States (+RM1.1 billion), the United Arab Emirates (+RM871.0 million), South Korea (+RM793.5 million) and the European Union (+RM739.7 million).
Commenting on exports, he said the drop was in line with the decrease in electrical & electronic products (-RM4.4 billion); petroleum products (-RM1.7 billion); palm oil & palm-based agriculture products (-RM579.4 million) and chemical & chemical products (-RM351.8 million). Meanwhile, increases in imports were logged for electrical & electronic products (+RM2.8 billion); machinery, equipment & parts (+RM2.0 billion); petroleum products (+RM1.1 billion) and manufacture of metal (+RM872.4 million).
Mohd Uzir said, “The rise in imports by end-use was in line with higher demand for capital goods, consumption goods and intermediate goods. Imports of capital goods with a value of RM10.2 billion, rose by 30.3% as compared to February 2023, representing 10.2% of total
imports. Consumption goods (8.4% of total imports), grew by 19.7% from RM7.0 billion in the previous year to RM8.4 billion. Intermediate goods (55.5% of total imports), valued at RM55.8 billion, registered an increase of 14.3% or RM7.0 billion.
Total trade, exports and imports for the period of January to February 2024 registered an improvement. Total trade grew by 8.3%, from RM412.1 billion to RM446.4 billion, in line with the rise in exports (+3.9%) as well as imports (+13.6%). On the contrary, trade surplus decreased by 44.2% to post a value of RM21 billion.
