Malaysia’s trade surplus hits record high in 2022, growth expected at ‘softer pace’ this year

KUALA LUMPUR: Malaysia’s trade surplus hit a record high of RM255.1 billion (US$59.09 billion) last year, International Trade and Industry Minister Tengku Zafrul Tengku Abdul Aziz said on Wednesday (Jan 18).

This is the 25th consecutive year the country has recorded a trade surplus since 1998. A trade surplus occurs when the value of a country’s exports exceeds the costs of its imports.

The Ministry of International Trade and Industry (MITI), however, has warned that the country’s trade performance is expected to grow “at a softer pace” this year.

According to Tengku Zafrul, Malaysia’ trade performance registered its fastest growth last year since 1994, surpassing the RM2 trillion mark for the second consecutive year.

Data from MITI showed that exports expanded by 25 per cent to RM1.55 trillion while imports jumped by 31.3 per cent to RM1.29 trillion.

“In 2022, Malaysia’s trade continued to demonstrate a remarkable performance and registered another record-breaking achievement with trade, exports, imports, and trade surplus soaring to a new high.

“This is a positive reflection that the nation’s trade performance is on an upward trajectory, boosted by higher external demand and strong commodity prices.” Tengku Zafrul said in a statement.

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