Malaysia’s total trade surpasses RM2t in 2021, fastest growth since 1994

MALAYSIA’S total trade recorded a new achievement in 2021, surpassing RM2 trillion and recorded the fastest growth since 1994, the Department of Statistics Malaysia said.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the value of Malaysia’s total trade recorded double-digit growth of 24.8% to RM2.2 trillion in 2021 from RM1.8 trillion in 2020, after recording negative growth for two consecutive years.

He said all states recorded an increase in total trade dominated by Selangor (RM112.6 billion), Penang (RM94.4 billion) and Johor (RM87.4 billion).

“Malaysia’s exports valued at RM1.24 trillion in 2021 weighed up 26% compared to RM983.8 billion in 2020,” he said in a statement today.

He said the increase in exports was due to the higher exports by all states namely Selangor (RM62.8 billion), Penang (RM49.9 billion), Johor (RM47.9 billion), Sarawak (RM17.6 billion), Kedah (RM12.8 billion), Kuala Lumpur (RM12.1 billion), Perak (RM11.3 billion) and Sabah (RM10.4 billion).

Also recording higher exports were Pahang (RM10.3 billion), Terengganu (RM8.5 billion), Melaka (RM7.9 billion), Negri Sembilan (RM3.1 billion), Labuan (RM1 billion), Perlis (RM177.2 million) and Kelantan (RM97.1 million).

Mohd Uzir said among the top five major exporting states, Penang remained the top exporter with a share of 29.3%, followed by Johor (20.6%), Selangor (19%), Sarawak (6.8%) and Kuala Lumpur (3.5%).

“The export expansion was underpinned by strong exports of electronic integrated circuits in Penang.

“Meanwhile, higher exports recorded in Johor were contributed by refined petroleum products while rubber gloves were the main contributors to exports in Selangor,” he said.

He said liquefied natural gas was the main contributor to exports in Sarawak.

Mohd Uzir said imports also recorded an increase of 23.3% to RM987.2 billion in 2021 as against RM800.5 billion in the previous year and the increase in imports was due to higher imports from Selangor (RM49.8 billion), Penang (RM44.5 billion) and Johor (RM39.5 billion) while the value of imports decreased in Sabah by RM8.7 billion and Labuan (RM908.4 million).

“Higher imports recorded in Selangor and Kuala Lumpur were contributed by other electrical and electronic products.

“In addition, electronic integrated circuits were the main contributors to imports in Penang and Kedah,” he said.

He added that refined petroleum products were the main contributors to imports in Johor.

Source: https://themalaysianreserve.com/2022/06/08/malaysias-total-trade-surpasses-rm2t-in-2021-fastest-growth-since-1994/

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