Malaysia's trade volume hits RM224bil in February, up 5.9pct

 

Malaysia’s trade performance grew by 5.9 per cent to RM223.9 billion in February. NSTP/FILEPIC

KUALA LUMPUR: Malaysia's trade performance grew by 5.9 per cent to RM223.9 billion in February, reflecting improving global demand and domestic economic stability, said Department of Statistics Malaysia (DOSM).

This growth was driven by a robust expansion in exports that increased by 6.2 per cent to RM118.3 billion and imports, which rose by 5.5 per cent to RM105.6 billion.

The trade balance recorded a better performance, increasing by 12.2 per cent to RM12.6 billion.

Culmulatively, the total trade, exports and imports in the first two months of 2025 grew by 4.4 per cent to RM465.9 billion, in line with the rise in exports (3.1 per cent) and imports (5.9 per cent). 

In contrast, trade surplus decreased by 24 per cent to post a value of RM16.3 billion

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin pointed out that the export growth in February was driven by increases in both domestic exports and re-exports.

"Domestic exports, which accounted for 82 per cent of total exports, rose by 5.9 per cent to RM97 billion, while re-exports, making up 18 per cent of total exports, expanded by 7.3 per cent to RM21.3 billion compared to February 2024. 

"Meanwhile, imports totalled RM105.6 billion, reflecting a 5.5 per cent increase or RM5.5 billion. The trade surplus surged by 12.2 per cent to RM12.6 billion, continuing nearly five years of uninterrupted surplus since May 2020," he added.

On monthly basis, exports, imports and total trade contracted by 3.7 per cent, 11.3 per cent, and 7.5 per cent, respectively, from January, while the trade balance recorded a sharp increase of 244.8 per cent.

From the perspective of the commodity group, 134 out of 256 export groups and 135 out of 259 import groups showed an increase as compared to the same month of the previous year.

The increase in exports was primarily driven by the US (RM3.9 billion), followed by Singapore (RM2.7 billion), Hong Kong (RM1.8 billion) and the European Union (RM674 million).

Meanwhile, imports growth fuelled by China (RM2.8 billion), followed by the US (RM2.2 billion), Taiwan (RM1.8 billion) and Vietnam (RM625.5 million).

Mohd Uzir said that the exports reflects the rise in electrical and electronic products (RM7.2 billion); palm oil and palm-based agriculture products (RM1.5 billion); other manufactures (RM846.8 million); machinery, equipment and parts (RM642.5 million); optical and scientific equipment (RM529.4 million) and processed food (RM487.9 million). 

"In addition, the increase in imports was logged for electrical and electronic products (RM6.8 billion); other agriculture (RM1.9 billion); transport equipment (RM1.8 billion); crude petroleum (RM1.1 billion); machinery, equipment and parts (RM855.6 million) and other manufactures (RM407.6 million)," he added.

Mohd Uzir also underscored the upsurge in imports by end use which was in accordance with higher demand for capital goods, consumption goods and intermediate goods. 

Imports of capital goods, acocunted for 13.1 per cent of total imports, grew by 35.3 per cent to RM13.8 billion. 

Meanwgile, imports of consumption goods, representing 8.6 per cent of total imports, was up by 7.4 per cent to RM9 billion. 

Imports of intermediate goods, which is 55.6 per cent of total imports, increased by 5.8 per cent to RM58.7 billion. - NST