Driven by high external demand factors as well as strong
commodity prices, Malaysia's total trade recorded a growth of 27.6 per cent in
2022, increasing from RM2.2 trillion in the previous year to RM2.8 trillion. In
line with the performance of trade, exports and imports also grew by double-
digit, 24.9 per cent and 31.0 per cent respectively. Exports increased to RM1.6
trillion, while imports reached a new high value of RM1.3 trillion. The growth
in export and import in 2022 surpassed the official growth projections of 1.5
per cent and 1.7 per cent respectively as reported in the Economic Outlook 2022 by the
Ministry of Finance. Malaysia's trade surplus increased 1.0 per cent from RM253.7 billion in the preceding year to RM256.2 billion, the
highest trade surplus ever recorded. This was the 25thconsecutive
year of trade surplus since 1998.
Performance of exports
Malaysia's exports in 2022 recorded a double-digit
growth of 24.9 per cent as compared to 2021 to RM1.6 trillion, surpassing the Twelfth Malaysia Plan (12MP) target for 2025. Growth in exports was driven
by both, re-exports and domestic exports. Domestic exports reached a value of
RM1.2 trillion, increased 20.8 per cent and contributing 78.8 per cent to total
exports. At the same time, re-exports with a value of RM328.0 billion, increased 43.2 per cent as compared to 2021.
Chart 1 : Domestic Exports,
Re-Exports (RM billion) and Annual Change (%), 2018-2022
Performance of Imports
Malaysia’s imports in 2022 recorded another new achievement when it
crossed the RM1 trillion level for the first time. Imports increased 31.0 per cent
to RM1.3 trillion as compared to the previous year. The increase in imports
was attributable to higher demand for intermediate goods, consumption goods and
capital goods.
Chart 2 : Performance of Imports, Annual Change (%), 2018-2022
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