KUALA LUMPUR: Malaysia's total trade in March 2021 expanded by 25.6 per cent to RM185.74 billion from RM147.92 billion recorded in March 2020.
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said trade performance continued its upward trajectory in March 2021, registering the highest monthly value for trade, exports and imports.
"Exports accelerated by 31 per cent, surpassing RM100 billion mark to reach RM104.95 billion.
"Imports increased by 19.2 per cent to RM80.79 billion and trade surplus surged by 96.1 per cent to RM24.15 billion," he said in a statement via Malaysia External Trade Statistics for trade performance for March 2021, published today.
Azmin said trade, exports, imports, and trade surplus recorded double-digit growth for two consecutive months.
Exports were boosted by higher global demand notably for electrical and electronic (E&E) products mainly semiconductors used in 5G technology and high-performance computing as well as rubber products.
Exports to major markets namely Asean, China, the United States (US), and the European Union (EU) registered a new all-time high.
Total trade, exports, imports, and trade surplus in March 2021 grew by 18.1 per cent, 19.8 per cent, 15.9 per cent and 35.1 per cent, respectively.
For the first quarter (Q1) of 2021, total trade grew by 14.8 per cent to RM505.65 billion from RM440.40 billion recorded in the same period last year.
Exports increased by 18.2 per cent to RM282.14 billion from RM238.68 billion, while imports rose by 10.8 per cent to RM223.51 billion from RM201.72 billion.
Meanwhile, the trade surplus in Q1 of 2021 expanded by 58.6 per cent to RM58.63 billion from RM36.97 billion.
The ministry said exports of manufactured goods in March 2021 reached their highest monthly growth by 34.9 per cent year-on-year (YoY) valued at RM91.21 billion, accounting for 86.9 per cent of total exports.
The expansion was due mainly to higher shipments of E&E products, rubber products,
manufacturers of metal, chemicals and chemical products as well as machinery, equipment and parts.
Exports of agriculture goods (7.1 per cent share) surged by 43.8 per cent to RM7.48 billion compared to March 2020 buoyed mainly by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (5.0 per cent share) declined by 24.1 per cent YoY to RM5.23 billion on account of lower exports of liquefied natural gas (LNG), crude petroleum as well as metalliferous ores and metal scrap.
Major exports in March 2021 included E&E products valued at RM39.54 billion constituted about 37.7 per cent of total exports, rubber products (RM7.32 billion), chemicals and chemical products (RM6.32 billion), palm oil and palm oil-based agriculture products (RM5.46 billion), and manufactures of metal (RM5.32 billion).
During Q1 of 2021 period, exports of manufactured goods rose by 21.9 per cent to RM245.9 billion, on account of higher exports of E&E products, rubber products, manufactures of metal, chemicals and chemical products, machinery, equipment and parts as well as optical and scientific equipment.
Exports of agriculture goods grew by 15.2 per cent to RM18.17 billion attributed to higher exports of palm oil and palm oil-based agriculture products.
However, exports of mining goods contracted by 21.9 per cent to RM15.36 billion due to lower exports of LNG and crude petroleum.
The ministry said Malaysia's trade with Asean contributed RM47.76 billion in March 2021, representing 25.7 per cent to the country's total trade.
Exports continued their double-digit expansion of 17.4 per cent to RM28.52 billion, backed mainly by higher exports of E&E products.
Imports from Asean also accelerated by 30.3 per cent to RM19.24 billion during the period.
Source: https://www.nst.com.my/business/2021/04/686145/malaysias-total-trade-expands-256pct-rm18574bil-march-2021