Malaysia's January-August trade up 22.9% to RM1.4 trillion, says Azmin

Malaysia's January-August trade up 22.9% to RM1.4 trillion, says Azmin
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KUALA LUMPUR (Oct 4): Malaysia’s trade from January to August this year increased by 22.9% to RM1.4 trillion compared to the same period last year.

Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said exports expanded 24.9% to RM778.49 billion, while imports increased 20.4% to RM628.29 billion, with the trade surplus surging 48.2% to RM150.2 billion.

“The increase in exports was driven by the global economic recovery and increasing external demand where there was an increase in almost all goods exported, especially electrical and electronics (E&E), rubber and petroleum products, manufactured goods, metals as well as palm oil and palm oil-based agricultural products.

"Malaysia’s trade performance also recorded significant achievements. Malaysia's total trade surpassed RM1 trillion only in the first six months of 2021 (1H21) and this was the shortest period ever recorded by the country," he said during a question-and-answer (Q&A) session in the Dewan Negara here on Monday.

Mohamed Azmin was replying to a question from Senator Datuk Othman Aziz on the overall impact on trade as a result of the Covid-19 pandemic and short-term measures to revive international trade activities and further create more employment opportunities for the people.

Mohamed Azmin said total exports in April 2021 recorded the highest value of RM105.59 billion, while in March and June, exports recorded a value of more than RM100 billion — with RM105 billion and RM105.49 billion registered respectively.

"The improving world economy has had a positive impact on the country's trade performance," he said.

Mohamed Azmin said measures to increase international trade activities, among others through the Trade and Investment Promotion Mission, managed in 1H21 record a total of export-related transactions worth RM3.45 billion.

“The Malaysia External Trade Development Corporation (MATRADE) has increased the assistance limit to encourage many Malaysian companies to adopt e-commerce platforms.

“MATRADE is also organising the inaugural Malaysia International Halal Showcase (MIHAS) virtually from Sept 9 to Dec 31 this year, and the accumulated sales record for the first four days of the MIHAS exhibition and International Sourcing Programme, which took place from April 1 to Sept 1, was RM1.68 billion,” he said.

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