Malaysia’s export up 30.5 pct in May

Malaysia’s exports increased by 30.5 percent to 120.49 billion ringgit (about 27.37 billion U.S. dollars) in May, as shipments to major markets, notably ASEAN, China, the United States, the European Union and Japan, recorded double-digit growth, official data showed Friday.

The export growth was also driven by higher demand for electrical and electronic (E&E) products, petroleum products as well as palm oil and palm oil-based agriculture products, the Malaysian Ministry of International Trade and Industry said in a statement.

Meanwhile, Malaysia’s trade performance in May remained resilient, recording the fastest growth since November 2021 with trade rising by 33.6 percent year-on-year to 228.37 billion ringgit.

Imports in May grew by 37.3 percent to 107.88 billion ringgit, while trade surplus contracted by 8.3 percent to 12.62 billion ringgit.

For January to May, Malaysia’s trade climbed by 25.1 percent to 1.09 trillion ringgit compared to the same period last year.

Its exports jumped by 23.5 percent to 592.97 billion ringgit, while imports leaped by 27 percent to 491.85 billion ringgit.

Trade surplus for the period also edged up by 9 percent to 101.12 billion ringgit.

In May, Malaysia’s trade with China, which made up 16.3 percent of Malaysia’s total trade, rose by 11.1 percent year-on-year to 37.17 billion ringgit, the 18th successive month of double-digit growth.

Exports to China registered a growth of 10.1 percent to 15.27 billion ringgit following robust exports of E&E products.

Imports from China also increased by 11.9 percent to 21.89 billion ringgit.

Trade with China during the first five months of 2022 expanded by 16.2 percent to 187.8 billion ringgit compared to the same period last year.

Exports for the period grew by 16 percent to 82.70 billion ringgit bolstered by higher exports of E&E products, liquefied natural gas as well as palm oil and palm oil-based agriculture products.

Imports from China also climbed by 16.4 percent to 105.10 billion ringgit. (1 U.S. dollar equals 4.4 ringgit)