Malaysia’s commerce surplus hits document excessive in 2022, progress anticipated at ‘softer tempo’ this yr

KUALA LUMPUR: Malaysia’s commerce surplus hit a document excessive of RM255.1 billion (US$59.09 billion) final yr, Worldwide Commerce and Business Minister Tengku Zafrul Tengku Abdul Aziz stated on Wednesday (Jan 18).

That is the twenty fifth consecutive yr the nation has recorded a commerce surplus since 1998. A commerce surplus happens when the worth of a rustic’s exports exceeds the prices of its imports.

The Ministry of Worldwide Commerce and Business (MITI), nevertheless, has warned that the nation’s commerce efficiency is predicted to develop “at a softer tempo” this yr.

In line with Tengku Zafrul, Malaysia’ commerce efficiency registered its quickest progress final yr since 1994, surpassing the RM2 trillion mark for the second consecutive yr.

Information from MITI confirmed that exports expanded by 25 per cent to RM1.55 trillion whereas imports jumped by 31.3 per cent to RM1.29 trillion.

“In 2022, Malaysia’s commerce continued to reveal a exceptional efficiency and registered one other record-breaking achievement with commerce, exports, imports, and commerce surplus hovering to a brand new excessive.

“It is a optimistic reflection that the nation’s commerce efficiency is on an upward trajectory, boosted by greater exterior demand and powerful commodity costs.” Tengku Zafrul stated in a press release.

Commerce with the Affiliation of Southeast Asian Nations (ASEAN) accounted for 27.1 per cent of Malaysia’s whole commerce final yr.

Except for ASEAN, the highest 5 buying and selling companions for Malaysia in 2022 have been China, US, the European Union (EU) and Japan.

In line with Tengku Zafrul, the 5 buying and selling companions represented over 67 per cent of the nation’s whole commerce. He added that additionally they contributed 68 per cent to Malaysia’s whole exports final yr.

Information from MITI confirmed that Singapore accounted for the biggest worth of exports amongst ASEAN nations at RM232.57 billion. That is then adopted by Thailand, Indonesia, Vietnam and the Philippines.

“Singapore, Thailand and Indonesia have been the highest three export locations in 2022, accounting for 78.3 per cent of Malaysia’s whole exports to ASEAN. Exports to virtually all ASEAN nations registered a brand new document excessive,” stated MITI.