The headquarters of the Ministry of International Trade and Industry of Malaysia. (Photo: Bernama.com) Kuala Lumpur (VNA) - Malaysia’s trade rose by 15.6% year-on-year in November to 238.17 billion RMB (about 53.6 billion USD), marking the 22nd straight month of double-digit growth, according to the Malaysia External Trade Development Corporation (MATRADE).
Imports and trade surplus increased by 15.6% to 107.93 billion RM and 22.3 billion RM, respectively, it said.
The export growth was driven by strong exports of electrical and electronic (E&E) products, liquefied natural gas (LNG), petroleum products as well as crude petroleum.
In November, exports of manufactured goods, which accounted for 84.6% of the total exports, grew by 15% year-on-year to 110.23 billion RM, marking the 16th straight month of double-digit expansion, reported Bernama news agency.
Exports of mining goods, which make up 8% share, soared by 62.6% year-on-year to 10.43 billion RM, the 20th successive month of double-digit growth led by higher exports of LNG and crude petroleum. However, exports of agriculture goods, with 6.8% share, declined by 11.1% to 8.87 billion RM compared to November 2021 due to lower exports of palm oil and palm oil-based agriculture products.
MATRADE said that among the major exports, E&E products - which were valued at 53.16 billion RM and accounted for 40.8% of the total exports - rose by 32.1% from November last year. Meanwhile, exports to major trading partners, notably ASEAN, the US, the European Union (EU) and Japan recorded double-digit growth.
Compared to October 2022, trade surplus rose by 23.5% while trade, exports and imports contracted by 2.8%, 1% and 4.9%, respectively.
From January to November 2022, trade expanded by 29.9% to 2.613 trillion RM compared to the same period last year.
Exports increased by 27.2% to 1.42 trillion RM. Imports rose by 33.3% to 1.193 trillion RM and the trade surplus increased by 2.6% to 227.89 billion RM./.
