Petroleum, LNG products boost Malaysia’s February exports; nearly 10% growth exceeds forecasts
Tan Ai Leng
[KUALA LUMPUR] Malaysia’s external trade expanded at a quicker pace in February, achieving nearly double-digit growth, driven by higher exports of petroleum and liquefied natural gas (LNG) products.
The latest external trade figure, which was released by the Department of Statistics Malaysia on Monday (Mar 20), exceeded the projection of 4.5 per cent by 13 economists in a Reuters poll earlier.
Malaysia’s exports in February increased nearly 9.8 per cent year on year to RM112.3 billion (S$33.6 billion) in February, thanks to double-digit growth in the exports of refined petroleum (73.6 per cent), LNG (32.9 per cent) and electrical and electronic products (11.7 per cent).
However, exports of palm oil, timber and natural rubber products continued to decline between 6.22 per cent and 16.7 per cent.
Malaysia’s imports were valued at RM92.7 billion, 12.4 per cent higher than in February 2022.
Overall, the country’s total trade rose 11 per cent year on year to RM205 billion, while the trade surplus decreased 1.3 per cent to RM19.6 billion.
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On monthly comparison, total trade, exports and imports decreased by 1.1 per cent, 0.3 per cent and 1.9 per cent, respectively.
A statement by Malaysia’s Ministry of International Trade and Industry said the resilient growth is underpinned by a nearly 15 per cent increase in shipments to Asean countries, totalling RM33.7 billion.
“This helped to offset a 6 per cent year-on-year decline in export value to China (RM14.3 billion) on the back of lower exports of iron and steel, petroleum and chemical products,” said the ministry.
Singapore and China remained the two major exporting and importing countries to Malaysia in February.
Exports to Singapore were 28 per cent higher at RM18.5 billion, representing 16.5 per cent of the country’s exports, driven by strong demand for electrical and electronic, as well as petroleum products.
Shipments to China totalled RM14.4 billion, contributing nearly 13 per cent to Malaysia’s total exports.
Meanwhile, Malaysia’s shipments from China grew by 15.2 per cent to RM19.6 billion, representing 21 per cent of total imports.
Imports from Singapore increased 11.2 per cent to RM9.6 billion, representing 10.4 per cent of Malaysia’s total imports.
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