The external trade increased nearly 25% in 2021, compared to a 3.3% decrease in 2020, while exports rose 26.1% to a record high of RM1.2 trillion, due to significant performances of both domestic exports and re-exports.
“Domestic exports hit the one trillion mark for the first time, increasing 26.6% compared to last year, while re-exports went up 24% to RM229 billion,” Chief Statistician Uzir Mahidin said in a statement today.
Uzir noted that imports in 2021 also recorded a growth of 23.3% to hit the highest value of RM987.3 billion.
“Meanwhile, the trade balance remained in surplus for the 24th consecutive year since 1998 amounting to RM253.7 billion, an increase of 38.4%,” he added.
The rise in exports was mainly due to higher exports to China which grew 20.9%, or RM33.3 billion, following robust liquefied natural gas (LNG) exports, metal and electrical and electronic (E&E) products.
Other key export markets are the United States, Singapore, the European Union, Vietnam, Japan and Australia, driven by demand for E&E products.
Meanwhile, exports to India grew by 48.7%, or RM14.8 billion, underpinned by robust demand for palm oil and palm oil-based agricultural products, the statement said.
The rise in imports were driven by demand for China’s E&E, chemical and chemical products.
The rise in imports also came from Singapore for petroleum products, Indonesia for coal, from the European Union, Taiwan and Japan. Imports from Thailand rose 32.3% or RM11.1 billion, contributed by the increase in transport equipment imports.
The growth in exports was led by E&E products, petroleum products, manufacture of metal, palm oil and palm oil-based agricultural products, and rubber products.
Meanwhile, a significant increase in imports was recorded for E&E products, petroleum products, chemical and chemical products, iron and steel products and machinery, equipment and parts.
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