The Department of Statistics Malaysia (DOSM) announced that Malaysia’s trade value reached a new milestone in 2021 as it surpassed MYR 2.2 trillion (USD 495 billion), the fastest growth since 1994. Malaysia’s exports increased by 26% to MYR 1,239.8 billion (USD 273 billion) while imports rose by 23.3% to MYR 987.2 billion (USD 222 billion) in 2021.
After two years of negative growth, the country’s total trade registered a double-digit growth of 24.8% to MYR 2.2 trillion (USD 495 billion) in 2021 from MYR 1.8 trillion (USD 404 billion) in 2020. Stronger exports were led by major commodities in key states such as Penang’s electronic integrated circuits, Johor’s refined petroleum products, Selangor’s rubber gloves and Sarawak’s liquefied natural gas (LNG). Besides that, higher imports were contributed by electrical and electronic products in Selangor and Kuala Lumpur, electronic integrated circuits in Penang and Kedah and refined petroleum products in Johor.
The Malaysia-European Union’s bilateral trade value has also significantly increased by 26% to USD 43.5 billion in 2021. Malaysian Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said that the trade with the EU has gradually recovered and the EU continues to be a significant trading partner to Malaysia. Tengku Zafrul commended the European Commission’s initiatives to engage the Indo-Pacific region in forging a more inclusive, multi-pronged and robust partnership. The Malaysian government stated that it is looking forward to the European Commission’s potential resumption of long-suspended negotiations of the Malaysia-EU Free Trade Agreement (MEUFTA).
(Sources: Department of Statistics Malaysia; The Edge Markets; The Malaysian Reserve)