Overview

Malaysia's total trade registered a value of RM216.4 billion in July 2023 as compared to RM252.8 billion in the same month of preceding year, with a contraction of 14.4 per cent or RM36.4 billion. Exports and imports were also recorded a negative double-digit growth, weakened by 13.1 per cent and 15.9 per cent respectively, year-on-year (y-o-y). On the contrary, the trade surplus rose by 7.9 per cent or RM1.3 billion to post a value of RM17.1 billion.

In comparison to June 2023, exports subdued by 5.8 per cent or RM7.2 billion, the total trade reduced 2.7 per cent or RM5.9 billion, while trade surplus tapered off by 33.1 per cent or RM8.5 billion. Nevertheless, imports inched up by 1.3 per cent or RM1.3 billion.

Exports, imports, total trade and trade surplus posted a negative growth for the period of January to July 2023 as compared to the same period of the preceding year. Exports, imports and total trade flatten by 5.9 per cent, 6.5 per cent and 6.1 per cent respectively while trade surplus decreased marginally with 2.5 per cent.

Performance of Exports

Malaysia's exports posted a reduction of 13.1 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 76.3 per cent of total exports, declined 13.0 per cent y-o-y from RM102.4 billion to RM89.1 billion. In addition, re-exports valued at RM27.6 billion constituted 23.7 per cent of total exports, decreased 13.5 per cent from RM32.0 billion in the previous year. Meanwhile, on a monthly basis, exports contracted 5.8 per cent or RM7.2 billion. With regards to analysis of the seasonally adjusted terms month-on-month (m-o-m), exports weighed up marginally at 0.1 per cent or RM170.0 million to RM118.1 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 continued to experience a decline in July 2023, with 15.9 per cent or RM18.8 billion to RM99.7 billion from RM118.5 billion in the same month of preceding year. However, imports showed an improvement on a m-o-m basis, with 1.3 per cent as compared to RM98.4 billion in June 2023. Analysis of seasonal adjustment terms m-o-m, imports fell 1.4 per cent to RM97.6 billion.

On a y-o-y basis, imports by End Use decreased by RM14.5 billion or 16.8 per cent to RM3.8 billion. Intermediate goods and capital goods went down by 20.9 per cent and 3.6 per cent respectively, while consumption goods recorded an increase of 5.9 per cent.

                                                                                                                         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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