KUALA LUMPUR: Malaysia's trade surplus fell 3.6 per cent to RM118.52 billion in the first half of 2023 (1H23), after recording a 11.3 per cent growth year-on-year (YoY) for the month of June.
Malaysia reported a trade surplus of RM25.81 billion in June, the highest monthly value ever recorded for the month of June.
For 1H2023, trade shrank 4.6 per cent to RM1.288 trillion compared with the same period last year.
Exports eased by 4.5 per cent to RM703.27 billion, while imports contracted by 4.7 per cent to RM584.75 billion.
Ministry of Investment, Trade and Industry (MITI) in a statement today said, total trade in June contracted by 16.3 per cent to RM222.14 billion in tandem with slower global demand and lower commodity prices. Exports slipped by 14.1 per cent to RM123.98 billion and imports decreased by 18.9 per cent to RM98.16 billion.
According to MITI, the performance was similar to other regional markets notably China, Singapore, Indonesia, Taiwan and the Republic of Korea (ROK) which recorded declines in trade for June 2023.
It said despite the decline, strong exports was posted primarily for electrical and electronic (E&E) products, iron and steel products, metalliferous ores and metal scrap, transport equipment as well as processed food.
Compared with May 2023, exports and trade surplus expanded by 3.7 per cent and 64.4 per cent while trade and imports were down by 0.5 per cent and 5.4 per cent, respectively.
Trade performance with major markets, Asean, China, US, European Union (EU), Japan and free trade agreement countries all declined for the month of June.