KUALA LUMPUR, Dec 19 — Malaysia maintained its trade surplus in November 2023, valued at RM12.41 billion, making it the 43rd consecutive month of trade surplus since May 2020.
However, Malaysia’s trade saw a moderate decrease of 2.4 per cent year-on-year (y-o-y) to RM231.79 billion in the month under review, said the Investment, Trade and Industry Ministry (Miti).
In a statement today, the ministry said exports reached RM122.10 billion, a contraction of 5.9 per cent y-o-y while imports grew by 1.7 per cent to RM109.69 billion.
“Malaysia’s performance was in tandem with its key trading partners, notably Taiwan, China and Indonesia, which posted negative trade growth in November 2023 and a drop in global imports,” it noted.
Compared to October 2023, MITI said trade, exports, imports and trade surplus fell by 3.1 per cent, 3.2 per cent, 3.1 per cent, and 3.8 per cent respectively.
For the January to November 2023 period, trade declined by 7.5 per cent to RM2.413 trillion compared to the same period last year; exports decreased by 7.8 per cent to RM1.31 trillion; imports was lower by 7.1 per cent to RM1.11 trillion; while trade surplus fell 11.3 per cent to RM202.49 billion.
In November 2023, the ministry said exports of manufactured goods, which accounted for 83.8 per cent or RM102.38 billion of total exports, contracted by 6.7 per cent y-o-y as lower shipments were recorded for electrical and electronics (E&E) products, chemicals and chemical products as well as transport equipment.
“Despite the decrease, export expansion was recorded for petroleum products, machinery, equipment and parts, manufactures of metal, processed food as well as iron and steel products,” it noted.
Exports of mining goods recorded the highest monthly value thus far this year, it said, expanding by 0.5 per cent y-o-y to RM10.46 billion (8.6 per cent share).
This was its first positive growth after five consecutive months of decline, driven by strong exports of crude petroleum as well as petroleum condensates and other petroleum oil.
Miti pointed that exports of agriculture goods (6.9 per cent share) declined by 5.5 per cent to RM8.39 billion from November 2022 mainly on lower exports of palm oil and palm oil-based agriculture products that was affected significantly by weaker export prices of palm oil.
On a month-on-month (m-o-m) basis, it said exports of mining goods recorded a double-digit increase of 19.7 per cent, while exports of manufactured and agriculture goods shrank by 4.8 per cent and 5.7 per cent, respectively.
For the January to November 2023 period, exports of manufactured goods slipped by 6.4 per cent to RM1.12 trillion compared to the same period in 2022 owing to lower exports of petroleum products, E&E products, palm oil-based manufactured products as well as chemicals and chemical products.
Nonetheless, exports of processed food, as well as paper and pulp products, posted strong expansion.
“Exports of mining goods fell by 11.6 per cent to RM95.38 billion due to lesser shipments of liquefied natural gas and crude petroleum.
“Exports of agriculture goods dropped by 21.6 per cent to RM86.12 billion on lower exports of palm oil and palm oil-based agriculture products due to the decrease in export prices of palm oil,” it said.
— Bernama
