Malaysia exports rise 9.8% to RM204.99bil in Feb

KUALA LUMPUR: From the same month the year before, Malaysia’s exports increased by 11% to RM204.99 billion in February 2023. With both export and import values reaching their highest levels ever for the month.

The country’s exports increased 9.8% to RM112.28 billion, according to a statement from the Ministry of International Trade and Industry (Miti), thanks to robust sales of petroleum products, electrical and electronic (E&E) goods, and liquefied natural gas. (LNG).

In contrast, imports rose 12.4% year over year (y-o-y) to RM92.71bil, resulting in a RM19.56bil trade balance in February.

The trade surplus increased by 7.9% when compared to January 2023. But commerce, exports, and imports decreased by 1.1%, 0.3%, and 1.9%, respectively, as a result of the shorter workweek.

According to Miti, the rise in exports was support by a 14.8% year-over-year increase in shipments to Asean nations. Totaling RM33.69bil, with a 27.7% increase in export value to Singapore as the main driver.

This assisted in offsetting a 6% year-over-year decline in export value to China, down to RM14.36bil. As a result of reduced exports of chemicals and chemical products, petroleum products, and iron and steel products.

In the meantime, exports to the US increased by a double digit 18.7% year over year to RM12.33 billion due to robust exports of E&E goods.

Manufacturing exports, which make up 85% of all exports and rose 9.5% year over year to RM95.4 billion, were driven by strong exports of petroleum and E&E commodities.

While exports of agriculture goods decreased 9% over the year. As a result of lower exports of palm oil and farm products based on palm oil, exports of mining goods increased 34.8% year over year to RM9.2bil on higher exports of LNG.

Following higher imports of primary fuel and lubricants, imports of intermediate products increased by 3.3% year over year.

The import of consumption goods increased 1.2% year over year. As a result of higher imports of primary food and beverages, mostly for domestic consumption. The import of capital goods decreased 0.3% year over year due to lower imports of non-transport capital goods.

Farha Naz

Farha was born in Pakistan. She obtained her BA degree in Political science and English from McGill University in Montreal, Canada. Additionally, she has an MA in Media studies with a concentration in film and video from New School University, New York, USA