KUALA LUMPUR: Malaysia registered a 21.4% year-on-year (y-o-y) jump in its trade surplus to RM15.42bil in May 2023, despite recording a slightly lower total trade value.
In a statement, the Ministry of Investment, Trade and Industry (Miti) said the country's total trade slipped 2% to RM223.8bil, in line with the slower global demand and lower commodity prices.
"The performance was similar to other regional countries namely China, Taiwan and the Republic of Korea which recorded negative trade growth for May 2023," it said.
Malaysia's exports fell 0.7% to RM119.6bil, a slower rate of contraction than imports, which declined 3.3% to RM104.19bil.
According to Miti, exports during the month were driven by an expansion in shipments to major trading partners China, the US and Japan.
There were also higher exports for petroleum products, electrical and electronic (E&E) products, machinery, equipment and parts as well as processed food.
Over the first five months of 2023, total trade hit RM1.066 trillion, which was 1.7% lower compared to the same period in 2022.
Exports fell 2.3% over the period to RM579.39bil while imports declined 1% to RM486.96bil.
The trade surplus in the five-month period was down 8.7% to RM92.43bil.
By sector, exports of manufactured good rose 1.8% y-o-y to RM102.18bil in May after recording two consecutive months of contraction.
Exports of mining goods grew 5.9% y-o-y to RM9.26bil on the back of strong exports of liquefied natural gas.
However, agricultural exports dove 30.9% to RM7.44bil compared to May 2022 due to the lower export value of palm oil and palm oil-based agriculture products.
China, the country's biggest trading partner, recorded a 1.5% growth in shipment value from Malaysia for a value of RM15.49bil, snapping five consecutive weeks of decline.
The export growth was owing to high demand of metalliferous ores and metal scrap, LNG as well as as chemicals and chemical products.
Imports from China however fell 1.4% to RM21.58bil.
Exports to the US jumped 14.9% y-o-y to RM13.77bil as shipments rebounded after posting a contraction last month.
Shipments to Japan meanwhile expanded 0.2% y-o-y to RM13.45bil, also on the back of negative growth in April.
Exports to Asean however fell 1.6% to RM36.38bil, due to the lower demand for palm oil and palm oil-based agriculture products, iron and steel products and petroleum products.
Meanwhile, the country's total imports were lower, underpinned by a 12.3% dip in intermediate goods to RM55.34bil.
Capital goods and consumption goods however rose 9.6% and 8.5% to RM9.95bil and RM8.87bil respectively.
