It was the 16th straight month of double-digit growth.

Although exports increased 30.5% to reach RM120.49 billion, imports grew by 37.3% to RM107.88 billion, resulting in the trade surplus contracting by 8.3% to RM12.62 billion, Azmin Ali said.

The international trade and industry minister said there were three main categories of imports, namely intermediate goods valued at RM62.95 billion or 58.4% of total imports; parts and accessories of capital goods (RM8.84 billion: 8.2% of total imports), and consumption goods, mainly pharmaceutical products (RM8.51 billion: 7.9%).

He said the export growth was driven by higher demand for electrical and electronic (E&E) products, petroleum products, palm oil and palm oil-based agriculture products.

Exports to major markets, notably Asean, China, the United States (US), the European Union (EU) and Japan recorded double-digit growth, he said in a statement.

He also highlighted that total trade surpassed RM1 trillion in just five months, the shortest period to breach this milestone.

Between January and May 2022, trade, exports, imports and trade surplus also registered the highest value for the period.

“Trade climbed by 25.1% to RM1.085 trillion compared to the same period last year. Exports jumped by 23.5% to RM592.97 billion and imports leapt by 27% to RM491.85 billion. Trade surplus edged up by 9% to RM101.12 billion,” he said.

On the export performance of major sectors, Azmin said manufactured goods in May 2022, which represented 83.3% of total exports, rose by 27.3% year-on-year to RM100.37 billion, the 10th straight month of double-digit expansion.