Malaysia Records Trade Surplus for 25th Consecutive Year

Malaysia registered a trade surplus for a 25th consecutive year in 2022, with exports to major markets, including China and ASEAN countries, setting records boosted by global inflation.

(Bloomberg) — Malaysia registered a trade surplus for a 25th consecutive year in 2022, with exports to major markets, including China and ASEAN countries, setting records boosted by global inflation.

Exports rose 25% to MYR 1.55 trillion ($355.1 billion) last year, according to the Ministry of International Trade and Industry, lifted by shipments of electrical and electronic products, petroleum, liquefied natural gas and palm oil.

Trade with the ASEAN countries accounted for 29.2% of Malaysia’s exports, up by 32% to MYR 452.9 billion while China remained as the nation’s largest single trading partner for a 14th consecutive year.

Shipments of integrated circuits soared 33% on year, benefiting from the global chip shortages since mid-2020. The semiconductor sector is likely to experience a slowdown due to geopolitical uncertainties, high inflation and global economic recession, the nation’s association warned.

Overall trade is expected to slow this year, with exports projected to rise just 2.2%, according to the Ministry of Finance’s 2023 Economic Outlook.

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