On a month-to-month basis, exports in September rose 8.2% as compared with August 2023.
Imports fell 11.1% to RM99.95 billion in September compared with the same period a year earlier, according to the ministry of investment, trade and industry (Miti).
The trade surplus in September 2023 also contracted by 23% year-on-year (y-o-y) to RM24.5 billion, the 41st consecutive month of trade surplus since May 2020.
This is due to slower global demand, uncertainties in commodity prices, and a high base effect last year, dragging total trade lower by 12.6%.
In a statement today, Miti said the performance was similar to Malaysia’s major trading partners notably South Korea, China, Taiwan and Indonesia which also recorded negative trade growth for September and a drop in their global imports.
Meanwhile, it said trade for the third quarter (Q3) of 2023 increased by 1.6% to RM653.57 billion compared with Q2 2023.
It said exports grew by 2.2% to RM356.31 billion, imports expanded by 0.8% to RM297.26 billion and trade surplus rose by 9.6% to RM59.06 billion, respectively.
Year to date to September, trade contracted by 8.6% to RM1.942 trillion compared with the same period last year while exports surpassed the RM1 trillion mark to RM1.060 trillion, declining by 8.4%.
Imports fell by 8.9% to RM882.24 billion and the trade surplus was lower by 5.7% to RM177.32 billion, Miti said.
Trade with Asean decreased by 7.8% to RM536.11 billion compared with the corresponding period of 2022 while exports fell by 6.9% to RM314.24 billion. This was attributed to lower shipments of petroleum products, chemicals and chemical products as well as palm oil and palm oil-based agriculture products.
Meanwhile, chief statistician Uzir Mahidin said the decrease in the y-o-y trade surplus in September was mainly due to a decline in trade activities with other countries. Trade with China fell by RM3.5 billion, Singapore and Japan (both with a decrease of RM2.5 billion), Indonesia (RM1.9 billion), the US (RM1.5 billion), Australia (RM1.4 billion), and Hong Kong (RM1.2 billion).
Significant declines in export products include petroleum (down by RM6.6 billion), electrical and electronic products (RM3.1 billion), liquefied natural gas (RM2.5 billion), palm oil and palm oil-based agricultural products (RM2.2 billion) and other manufactures (RM1.2 billion).
The fall in imports by 11.1% y-o-y to RM100 billion in September was primarily contributed by the US (down RM2.7 billion), Taiwan (RM2.3 billion), Indonesia and China (both with a decrease of RM2.2 billion), Saudi Arabia (RM1.8 billion) and Japan (RM1.5 billion).
Uzir said imports contracted due to a decrease in demand for electrical and electronic products (down by RM3.2 billion), crude petroleum (RM3.1 billion), coal, coke and briquettes (RM1.1 billion), chemical and chemical products (RM1 billion), and palm oil and palm oil-based agricultural products (RM890.7 million).