Malaysia’s trade turnover witnessed a record high in June, hitting 270.39 billion RM (over 60.6 billion USD), up 43.4% year-on-year, which is a clear sign of strong and flexible development of the country’s economic foundations.
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Illustrative image (Photo: https://www.nst.com.my/)
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According to Senior Minister and MinisterofInternational Trade&Industry Datuk Seri Mohamed Azmin Ali, Malaysia's exports recorded a double-digit growth in the 11th consecutive month, rising by 38.8% to 146.16 billion RM (32.83 billion USD) in June. Meanwhile, its imports expanded by 49.3% to 124.23 billion RM.
The export growth was attributed to a strong demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG) as well as palm oil and palm oil-based products.
For the second quarter, Malaysia’s trade expanded by 32.7% to 730.36 billion RM compared to the same period of last year.
Exports in the period grew by 30% to 394.24 billion RM while imports rose 36.1% to 336.13 billion RM.
This is the highest quarterly value for the trade, exports and imports of the Southeast Asian nation, Azim said.
Economists said that this latest trade data is a clear sign that Malaysia's economic fundamentals remain sound and resilient, enabling the country to gain a GDP growth at 5.5-6.5% for the whole year 2022./.