Overview

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.

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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