Malaysia’s total trade showed
a double digit decline, shrank by 12.6 per cent or RM32.2 billion in September
2023 to post a value of RM224.4 billion as compared to RM256.7 billion in the
same month of 2022. Along with that, the value of exports and imports also
experienced a double digit decrease, flatten by 13.7 per cent and 11.1 per cent
respectively, year-on-year (y-o-y). Meanwhile, trade surplus declined by 23.0
per cent or RM7.3 billion to RM24.5 billion.
In comparison to August
2023, exports, imports, total trade and trade surplus once again recorded
positive growth of 8.2 per cent, 2.1 per cent, 5.4 per cent and 42.7 per cent,
respectively.
For the third quarter
(Q3) 2023, total trade, exports, imports and trade surplus also recorded a
contraction as compared to Q3 2022. It posted a negative growth by 15.7 per
cent, 15.2 per cent, 16.3 per cent and 9.1 per cent, respectively.
The performance of
exports, imports and total trade also recorded a fall for the period of January
to September 2023 as compared to the same period of the preceding year. Exports
shrank 8.4 per cent to RM1.1 trillion while imports decreased
to RM882.2 billion (-8.9%). Concurrently, total trade decreased by 8.6 per cent
to RM1.9 trillion while the trade surplus was valued at RM177.3 billion, edged
down by 5.7 per cent.
Performance of Exports
Malaysia's exports
posted a reduction of 13.7 per cent as compared to the same month of 2022, corresponded
with the decline in both domestic exports and re-exports. Domestic exports
accounted for 77.7 per cent of total exports, declined by 12.4 per cent y-o-y
from RM110.4 billion to RM96.7 billion. In addition, re-exports valued at RM27.8
billion, constituted 22.3 per cent of total exports, decreased by 17.9 per cent
from RM33.8 billion in the previous year. Meanwhile, on a month-on-month (m-o-m),
exports increased by 8.2 per cent or RM9.4 billion. With regards to analysis of
the seasonally adjusted terms m-o-m, exports weighed up marginally at 1.0 per
cent to RM119.9 billion.
Chart 1 : Domestic Exports, Re-Exports (RM billion) and Annual Change (%)
Chart 2 : Actual Export Value and Seasonally Adjusted Export Value, RM billion
Performance of Imports
Malaysia’s
imports showed a decline from RM112.4 billion in September 2022 to RM100.0
billion, falling 11.1 per cent or RM12.5 billion. On a monthly basis, imports
expanded by 2.1 per cent or RM2.1 billion as compared to RM97.8 billion in
August 2023.
On a
y-o-y basis, imports by End Use experienced a decline for intermediate goods,
capital goods and consumption goods, went down by 15.6 per cent, 5.8 per cent
and 0.6 per cent, respectively.
Chart 3 : Imports, Value (RM billion) and Annual Change (%)
Chart 4: Actual Import Value and Seasonally Adjusted Imports Value, RM billion
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