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Friday, September 30, 2022
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    Malaysia’s May exports surge 47.3 per cent on robust E&E demand

    KUALA LUMPUR (XINHUA) – Malaysia’s exports in May soared 47.3 per cent year on year to MYR92.31 billion (USD22.24 billion), official data showed yesterday.

    Malaysia’s International Trade and Industry Ministry said in a statement that the export growth was contributed mainly by the robust demand for electrical and electronic (E&E) products, mainly semiconductors due to the increasing orders for work-from-home equipment and digitalisation of businesses, rubber products as well as petroleum products.

    It also said, all major markets namely the Association of Southeast Asian Nations (ASEAN), China, the United States (US), the European Union (EU) and Japan registered positive export growth.

    Meanwhile, Malaysia’s trade in May jumped 48.7 per cent year on year to MYR 170.88 billion. Its imports expanded by 50.3 per cent to MYR78.57 billion, and trade surplus increased by 32.3 per cent to MYR 13.74 billion.

    Trade for the first five months of 2021 grew by 26 per cent year on year to MYR 867.4 billion, with exports grew 31.1 per cent to MYR480.09 billion and imports climbed 20.1 per cent to MYR 387.31 billion.

    In May, Malaysia’s trade with China rose by 40.8 per cent year on year to MYR33.44 billion, accounting for 19.6 per cent of Malaysia’s total trade.

    Malaysia’s exports to China recorded the seventh consecutive month of double-digit growth, rose by 17.7 per cent to MYR13.87 billion, underpinned by higher exports of E&E products, liquefied natural gas (LNG), other manufactures especially solid-state storage devices (SSD) as well as chemicals and chemical products. Imports from China, meanwhile, grew by 63.6 per cent to MYR19.57 billion.

    A delivery man passes by Petronas Twin Tower in Kuala Lumpur. PHOTO: XINHUA
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