• Total trade maintained a double-digit growth of 21.3% yoy and up to RM231.4bn in April

• Exports expanded by 20.7% yoy; Imports rose to 22.0% yoy in April

• Trade surplus stood at RM23.5bn

• April’s export hit the second-highest value on record

• Import continued above RM100bn mark for the second time

• Global exports cool again in April as China lockdowns start to bite

• Trade activities to remain resilient, but growth trajectory to moderate

Malaysia’s trade for April 2022 continued uptrend momentum as trade, exports, and imports hit the second-highest value on record. Exports expanded by 20.7% yoy from RM105.6bn in April 2021 to RM127.5bn in April 2022. April’s export continued double-digit growth for the ninth consecutive month but moderated from March’s +25.3% growth. The performance was underpinned by narrowed spare capacity, reopening economies, and higher export prices as well as higher commodities and global oil prices. Domestic export, which contributed 81.1% to the total exports, gained by 21.7% yoy (Mar: +22.8%; Feb: +17.9%; Jan: +26.4%) to RM103.4bn. The re-exports, which were valued at RM24.1bn, grew by 16.8% yoy (Mar: +37.9%; Feb: +11.7%; Jan: +13.9%). Consistent with export performance, imports also registered double-digit growth of 22.0% to RM103.9bn in April from 29.9% growth in March, pointing to second straight month of RM100bn mark. Total trade rose by 21.3% to RM231.4bn, the fifteenth consecutive month of double-digit growth since February 2021. The trade balance recorded a trade surplus of RM23.5bn in April, an increase of 15.7% from RM20.4bn a year ago.

On a month-on-month basis, export, imports, total trade, and trade surplus posted decreases of 3.1%, 0.9%, 2.1%, and 11.6%, respectively. In the four months to April 2022, exports increased 21.8% yoy to RM472.4bn. Re-exports valued at RM86.8bn and grew 20.2% yoy and accounted for 18.4% of total exports. Domestic exports rose 22.2% to RM385.6bn from a year ago. Imports also registered an increase of 24.3% yoy to RM383.8bn. Malaysia’s trade from January to April 2022 grew by 22.9% to RM483.4bn. Trade surplus was valued at RM88.6bn, rose by 12.1% compared to the same period of 2021.

Source: BIMB Securities Research - 20 May 2022