Malaysia’s overall trade descends 16.3% to RM 222.4 billion in June

Malaysia’s overall trade for the month of June 2023 contracted 16.3% to RM222.14 billion as the value of shipments exchanged with its trading partners continued to slip downwards. According to the Ministry of Investment, Trade and Industry (MITI) the decline is primarily a consequence of the 14.1% drop in exports to RM 123.98 billion and the 18.9% shrinkage in imports to RM 98.16 billion. 

The drop in performance was in line with the general trajectory of other markets in the Asian region as the likes of China, Singapore, Indonesia, Taiwan and Korea all experienced negative trade growth in June. 

However, MITI reported that the plunge in export value was limited by firm demand for electrical and electronic products, iron and steel products, ores and metal scraps, transport equipment and processed food. 

As mentioned above, the nation’s trade with its trading partners shrank in June as trades with China for instance were down 8% to RM 16.78 billion. To fellow ASEAN countries exports fell 8.5% yearly to RM 37.71 billion while exports to the US dropped 19% yearly to RM 13.64 billion.