KUALA LUMPUR: Malaysia’s total trade grew by 26% year-on-year (y-o-y) to RM867.4 billion in the first five months of 2021, the international trade and industry ministry (Miti) said today.
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Trade surplus surged by 112.2% to RM92.79 billion, as exports rose by 31.1% to RM480.09 billion and imports increased by 20.1% to RM387.31 billion.
The ministry said the country’s trade performance maintained its upward trend in May 2021, expanding by 48.7% to RM170.88 billion compared with May 2020.
“Exports surged by 47.3% to RM92.31 billion, the ninth consecutive month of y-o-y expansion since September 2020, while imports rose by 50.3% to RM78.57 billion and trade surplus expanded by 32.3% to RM13.74 billion,” it said in a statement.
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Miti said the export growth was contributed mainly by robust demand for electrical and electronic products, mainly semiconductors, due to the increasing orders for work-from-home equipment and digitalisation of businesses, as well as rubber and petroleum products.
All major markets, namely Asean, China, the United States, the European Union (EU) and Japan, registered positive export growth.
On a month-on-month basis, trade, exports, imports and trade surplus contracted by 10.4%, 12.6%, 7.8% and 32.5%, respectively.-BERNAMA