Malaysia’s exports rose 9.8% year on year to RM112.28 billion in February 2023, the Ministry of International Trade and Industry (Miti) said in a statement. Total trade grew 11% to RM204.99 billion, and both exports and imports reached their highest levels for a February.
Imports climbed 12.4% to RM92.71 billion, which left a trade surplus of RM19.56 billion for the month. That surplus was 7.9% higher than in January. Total trade, exports and imports were all lower than January, by 1.1%, 0.3% and 1.9%, because February had fewer working days.
Miti pointed to petroleum products, electrical and electronic (E&E) products and liquefied natural gas as the strongest export lines.
Where the shipments went
Shipments to Asean countries jumped 14.8% to RM33.69 billion, with exports to Singapore up 27.7%. China went the other way. Exports there fell 6% to RM14.36 billion, as sales of iron and steel, petroleum products and chemicals dropped.
The US took 18.7% more than a year earlier, or RM12.33 billion, on strong E&E sales.
By sector
Manufactured goods, 85% of all exports, rebounded 9.5% to RM95.4 billion. Petroleum and E&E products led. Mining exports leapt 34.8% to RM9.2 billion on higher LNG sales. Agricultural exports slid 9% because of weaker palm oil and palm-oil based products.
Imports
Intermediate goods imports rose 3.3%, after Malaysia bought more primary fuel and lubricants. Consumption goods grew 1.2%, mainly on food and beverages for household use. Capital goods imports slipped 0.3%, with non-transport capital goods the weak spot.
