This marks 24 consecutive months of positive growth for the country’s total trade since December 2020.

Exports posted a growth of 15.6% to RM130.2 billion as compared to November 2021, marking the 27th consecutive month of year-on-year (y-o-y) expansion since September 2020.

Imports for the month also registered double-digit growth of 15.6% to RM107.9 billion from RM93.4 billion in November 2021, said the Malaysia External Trade Statistics Bulletin (November 2022) published by the department of statistics.

However, in comparison to October, the performance of total trade, exports, and imports showed declines, while trade surplus increased.

Total trade shrank by 2.8%, given the decrease in exports (-1%) as well as imports (-4.9%). The trade surplus rose by 23.5%.

Year-to-date from January to November, total trade increased by 29.9%, supported by the expansion in exports (27.2%) as well as imports (33.3%). Trade surplus recorded a higher value of RM227.9 billion (2.6%).

Chief Statistician Uzir Mahidin said domestic exports totalled RM140.1 billion in November this year, which accounts for 79.9% of total exports, an increase of 10.5% y-o-y.

“Furthermore, re-exports registered at RM26.2 billion (20.1% of total exports) increased by 41.8%,” he said.

Uzir said this growth was due to higher exports to Singapore (RM5.9 billion), Japan (RM2.1 billion), Hong Kong (RM1.8 billion), China (RM1.6 billion), Australia (RM1.6 billion), the US (RM1.5 billion), the EU (RM1.5 billion) and Thailand (RM1.1 billion).

The export growth was driven by electrical and electronic products, liquefied natural gas, petroleum products and crude petroleum.

Meanwhile, import growth was strengthened by China (RM3.6 billion), Australia (RM2.4 billion), Taiwan (RM2.1 billion), the US (RM1.5 billion), Singapore (RM1.5 billion) and Saudi Arabia (RM1.5 billion).

This growth was driven by electrical and electronic products, crude petroleum, machinery, equipment and parts, transport equipment, and liquefied natural gas.