Kuala Lumpur: Malaysia’s trade with Asean represented 28.1 per cent or RM60.8 billion of Malaysia’s total trade in July, a drop of 17 per cent in year-on-year (y-o-y), said the Ministry of Investment, Trade and Industry (Miti).
Exports shrank by 18.8 per cent to RM34.53 billion, mainly due to lower exports of petroleum products while higher exports were recorded for crude petroleum.
Imports from Asean contracted by 14.6 per cent to RM26.27 billion.
Exports to Asean major markets that recorded an increase was Vietnam, which grew by RM9.4 million led by strong exports of electrical and electronic (E&E) products.
For the period of January to July 2023, trade with Asean reduced by 6.1 per cent to RM415.82 billion compared to the corresponding period of 2022.
Malaysia’s trade with China constituted 17.2 per cent (RM37.13 billion) of its total trade in July, slipping by 8.4 per cent y-o-y.
“Exports to China rebounded by 6.1 per cent to RM16.8 billion, boosted by strong exports of E&E products, petroleum products as well as paper and pulp products.
“Imports from China went down by 17.7 per cent to RM20.33 billion,” Miti said in its external trade report for July 2023 and for January-July 2023.
In the first seven months of 2023, trade with China was down by 7.1 per cent to RM252.81 billion against the same period of 2022.
Trade with the United States (US) in July 2023, which represented 9.8 per cent of Malaysia’s total trade, weakened by 6.7 per cent y-o-y to RM21.27 billion.
Exports improved by 2.2 per cent to RM13.59 billion following strong demand for E&E products, while imports from the US slipped by 19.3 per cent to RM7.67 billion.
For the period of January to July 2023, trade with the US was down by 5.4 per cent to RM139.62 billion compared to the same period of 2022.
Meanwhile, trade with the European Union (EU) comprised 7.8 per cent of Malaysia’s total trade, contracting by 1.2 per cent y-o-y to RM16.83 billion in July. Exports amounted to RM9.01 billion, which declined by 5.8 per cent.
Exports to major markets in the EU that recorded growth were the Netherlands, which increased by RM343.8 million, Germany (RM129.5 million), and Belgium (RM49.1 million) due to strong exports of E&E products.
From January to July 2023, trade with the EU dropped by 4.5 per cent to RM118.63 billion versus the same period in 2022.
Trade with Japan, which accounted for 5.4 per cent or RM11.59 billion of Malaysia’s total trade, fell 23.8 per cent y-o-y in July. Exports were down by 26.9 per cent to RM5.8 billion, attributed mainly to lower shipments of liquefied natural gas (LNG).
For the first seven months of 2023, trade with Japan dipped by 9.4 per cent to RM91.69 billion compared to the corresponding period of 2022.
Trade with free trade agreement (FTA) partners, which composed 67.6 per cent (RM146.37 billion) of Malaysia’s total trade, shrank by 14.3 per cent y-o-y in July.
Exports to FTA partners declined by 11.4 per cent to RM81.94 billion and imports eased by 17.7 per cent to RM64.42 billion.
