20-6-2023 (KUALA LUMPUR) Official data revealed that Malaysia’s exports contracted 0.7 percent year-on-year to 119.61 billion ringgit (25.79 billion US dollars) in May, in line with slower global demand and lower commodity prices. The Ministry of Investment, Trade and Industry (MITI) said in a statement that the country’s total trade slipped by 2 percent to 223.8 billion ringgit, while imports decreased by 3.3 percent to 104.19 billion ringgit.
Despite the decline, MITI noted that exports to major trading partners, including China, the United States and Japan, recorded expansion. Malaysia’s exports to China improved due to higher demand for metalliferous ores and metal scrap, liquefied natural gas (LNG), and chemicals and chemical products, it said. Overall, higher exports were seen for petroleum products, electrical and electronic (E&E) products, machinery, equipment and parts, as well as processed food.
Malaysia’s exports of manufactured goods, which accounted for 85.4 percent of total exports, rebounded by 1.8 percent year-on-year to 102.18 billion ringgit. This was due to increased exports of petroleum products, E&E products, machinery, equipment and parts, processed food, as well as optical and scientific equipment. Meanwhile, exports of mining goods (7.7-percent share) rose by 5.9 percent to 9.26 billion ringgit, buoyed by strong exports of LNG.
However, exports of agriculture goods (6.2-percent share) shrank by 30.9 percent to 7.44 billion ringgit, mainly due to a lower export value of palm oil and palm oil-based agriculture products. In the first five months of 2023, Malaysia’s total trade decreased by 1.7 percent year-on-year to 1.07 trillion ringgit. Its exports for the period were down by 2.3 percent to 579.39 billion ringgit, while imports declined by 1 percent to 486.96 billion ringgit. Trade surplus for the period edged down by 8.7 percent to 92.43 billion ringgit.
