Overview

Malaysia's total trade recorded a double-digit decline, down 16.3 per cent or RM43.2 billion in June 2023 to post a value of RM222.1 billion as compared to RM265.4 billion in the same month of 2022. Along with that, the value of exports and imports also experienced a double-digit decrease, flatten by 14.1 per cent and 18.9 per cent respectively, year-on-year(y-o-y). On the other hand, the trade surplus grew by 11.3 per cent or RM2.6 billion to RM25.8 billion.

In comparison to May 2023, exports grew 3.7 per cent or RM4.5 billion, while the trade surplus jumped 64.4 per cent or RM10.1 billion. Meanwhile, imports and total trade recorded a decline, falling 5.4 per cent and 0.5 per cent, respectively.

For the period of the second quarter (Q2) 2023, the volume of trade, exports, imports and trade surplus also recorded a contraction compared to Q2 2022. The volume of trade decreased 11.3 per cent, exports (-11.1%), imports (-11.5%) and trade surplus declined 8.8 per cent.

The performance of exports, imports, trade volume and trade surplus also recorded a fall in the first half of 2023 compared to the same period of the preceding year. Exports shrank 4.5 per cent to RM703.3 billion while imports amounted RM584.7 billion, down 4.7 per cent. Concurrently, total trade decreased 4.6 per cent to RM1.3 trillion, while the trade surplus was valued at RM118.5 billion, down 3.6 per cent.

Performance of Exports

Malaysia's exports in June 2023 contracted by RM20.3 billion or 14.1 per cent to RM124.0 billion compared to June 2022, in line with the decline in domestic exports and re-exports. Domestic exports were valued at RM93.8 billion, contributing 75.7 per cent to total exports fell 15.2 per cent, while re-exports amounting to RM30.2 billion declined by 10.3 per cent. Meanwhile, on a monthly basis, exports increased by 3.7 per cent or RM4.5 billion. With regards to analysis of the seasonally adjusted terms month-on-month (m-o-m), exports was down 7.7 per cent or RM9.8 billion to RM118.0 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 RM121.1 billion in June 2022 to RM98.2 billion, falling 18.9 per cent or RM22.9 billion. On a m-o-m basis, imports declined 5.4 per cent or RM5.6 billion to RM98.2 billion as compared to RM103.8 billion in May 2023. Analysis of seasonal adjustment terms m-o-m, imports fell 5.6 per cent to RM98.7 billion. On a y-o-y basis, imports by End Use experienced a decline for intermediate goods, capital goods and consumption goods, went down by 25.7 per cent, 12.1 per cent and 11.8 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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