Malaysia’s total trade grew at 8.6 per cent in December 2022, with the amount of RM236.0 billion as compared to RM217.4 billion in the same month of preceding year. Exports increased by 6.0 per cent to RM131.9 billion in December 2022. Imports amounted at RM104.1 billion rose by 12.0 per cent year-on-year (y-o-y). Trade balance remained to record a surplus with a value of RM27.8 billion, despite the decrease of 11.8 per cent from the previous year.
In comparison to November 2022, exports and trade balance increased by 1.7 per cent and 27.6 per cent, respectively. However, imports and total trade showed declines. Imports shrank by 3.5 per cent while total trade decreased by 0.7 per cent.
The total trade, exports and imports for the fourth quarter (Q4) of 2022 posted increases as compared to the Q4 of 2021. Exports surged by 11.8 per cent to RM393.1 billion and imports with a value of RM325.6 billion, expanded by 18.7 per cent. Consequently, total trade grew by 14.8 per cent to RM718.7 billion. On the other note, trade surplus decreased by 12.6 per cent from RM77.4 billion to RM67.6 billion.
Malaysia’s total trade in 2022 recorded a new milestone to reach RM2.8 trillion and registered the fastest growth since 1994 at 27.8 per cent. Exports grew at 25.0 per cent from RM1.2 trillion in 2021 to RM1.6 trillion, performing better than forecast for 2022. Similarly, imports with a value of RM1.3 trillion, higher by 31.3 per cent as compared to previous year. Trade surplus reaching an all-time high at RM255.1 billion, posted the surplus for 25th consecutive year since 1998.
A. PERFORMANCE OF EXPORTS
Malaysia’s export value in December 2022 stood at RM131.9 billion, increased 6.0 per cent as compared to December 2021, spearheaded by both domestic exports and re-exports. Domestic export value was RM105.3 billion, lifted 2.0 per cent and continuously dominated total exports with 79.8 per cent. In addition, re-exports grew by 25.5 per cent, y-o-y and was valued at RM26.6 billion. Meanwhile, for monthly comparison, exports rose 1.7 per cent or RM2.2 billion. Analysis of the seasonally adjusted terms month-on-month (m-o-m), exports decreased by5.4 per cent or RM7.1 billion to RM125.0 billion.
Chart 1: Domestic Exports, Re-Exports (RM billion) and Annual Change (%)
Chart 2: Actual Export Value and Seasonally Adjusted Export Value, RM billion
B. PERFORMANCE OF IMPORTS
Malaysia’s import value in December 2022 continued to register an increase of 12.0 per cent or RM11.2 billion, reaching RM104.1 billion. On a m-o-m basis, imports decreased by 3.5 per cent or RM3.8 billion. Based on seasonally adjusted terms m-o-m, imports shrank by 3.4 per cent to RM101.0 billion.
On a y-o-y basis, imports by end use registered a positive growth with the increases in the intermediate goods (+7.1%) and consumption goods (+17.1%). However, imports of capital goods noted a decrease of 2.2 per cent.
Chart 3: Imports, Value (RM billion) and Annual Change (%)
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1. The December 2022 data is preliminary and subject to revision in later issues.
2. This report can be accessed through the web portal of the Department of Statistics, Malaysia (https://www.dosm.gov.my) under section: Latest Release.
DEPARTMENT OF STATISTICS MALAYSIA
18 January 2023
Public Relation Officer
Strategic Communication and International Division
Department of Statistics, Malaysia
Tel : +603-8885 7942
Fax : +603-8888 9248