KUALA LUMPUR, (UrduPoint/Pakistan Point News – July 29, 2022): Malaysia’s trade topped the 2 trillion ringgit (US$449.16 billion) mark last year, recovering from a decline in 2020 due to COVID-19 containment measures, according to official data.
Trade rebounded 24.9% year-on-year in 2021, compared to a decline of 3.3% in 2020, the Malaysian Department of Statistics (DOSM) said in a statement on Thursday.
Meanwhile, Malaysia’s exports grew 26.1% year-on-year to reach 1.2 trillion ringgit (US$269.49 billion) in 2021 thanks to the strong performance of domestic exports and re-exports.
In line with export performance, imports in 2021 also recorded a growth of 23.3% to reach the highest value of 987.3 billion ringgit (221.
73 billion US dollars).
Meanwhile, the trade balance remained in surplus for the 24th consecutive year since 1998, standing at 253.7 billion ringgit ($56.98 billion), an increase of 38.4% from a year ago. year.
According to the DOSM, the increase in exports was mainly in line with the increase in exports to China with a growth of 20.9% or 33.3 billion ringgit (7.48 billion US dollars) following robust exports of natural gas. liquefied gas (LNG), metal fabrication and electrical and electronic products (E&E).
The surge in exports was led by E&E products, petroleum products, metal manufacturing, palm oil and palm oil-based agricultural products, rubber products, chemical and chemical products, manufactured products made from palm oil, as well as machinery, equipment and parts. .