Malaysia’s total trade surpassed the RM2 trillion ($478 billion) mark for the first time in history, expanding 24.6 per cent year on year to RM2.01 trillion ($480 billion) from January to November 2021.
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Malaysia External Trade Development Corporation (Matrade) said during the period, exports increased by 25.7 per cent y o y to RM1.11 trillion (RM1=$4.184), imports rose by 23.3 per cent y o y to RM894.42 billion and trade surplus edged up by 36.2 per cent y o y to RM221.53 billion.
In a statement Tuesday, it said for the first 11 months of 2021, all products recorded export expansions, except for transport equipment as well as beverages and tobacco.
“Exports of manufactured goods grew 25.3 per cent y o y to RM961.89 billion, aided by growing exports of electrical and electronic (E&E) products, petroleum products, manufactures of metal, rubber products as well as chemicals and chemical products,†it said.
Matrade said exports of agriculture goods rose 37.3 per cent y o y to RM87.03 billion due to strong exports of palm oil and palm oil based agriculture products and natural rubber.
Additionally, exports of mining goods edged up 17.8 per cent y o y to RM62.78 billion, buoyed by higher exports of liquefied natural gas (LNG), metalliferous ores and metal scrap, as well as crude petroleum, it said.
Meanwhile, it noted that trade breached the RM200 billion mark for the second time in a row in November 2021, marking the 10th consecutive month of double digit growth since February 2021.
During the month, total trade expanded 34.9 per cent y o y to RM205.5 billion, as exports rose 32.4 per cent y o y to RM112.2 billion the 15th consecutive month of y o y expansion since September 2020 while imports were higher by 38 per cent y o y at RM93.3 billion.
Trade surplus increased 10.5 per cent y o y to RM18.9 billion.
It said exports of all major sectors recorded double digit y o y growth on the back of higher exports of all products, except for rubber products and crude petroleum. ■