KUALA LUMPUR, March 18 (Xinhua) -- Malaysia's exports surpassed the 100 billion ringgit (about 23.8 billion U.S. dollars) mark in February, increasing 16.8 percent to 102.27 billion ringgit, official data showed Friday.
The export growth was boosted by higher shipments of electrical and electronic (E&E) products driven by global digitalization trends, as well as palm oil and palm oil-based agriculture products, which was supported by higher prices of crude palm oil, the Ministry of International Trade and Industry said.
It also said exports to major markets notably the Association of Southeast Asian Nations, China, the European Union and Japan recorded double-digit growth.
Meanwhile, trade in February rose 17.5 percent to 184.75 billion ringgit compared to February 2021, the 13th consecutive month of double-digit growth.
Imports for the month expanded 18.4 percent to 82.48 billion ringgit and trade surplus grew 10.7 percent to 19.79 billion ringgit.
In February, Malaysia's trade with China, which represented 17.4 percent of Malaysia's total trade, expanded 11.9 percent year-on-year to 32.18 billion ringgit.
Malaysia's exports to China registered a growth of 19.2 percent to 15.28 billion ringgit following higher exports of E&E products as well as chemicals and chemical products.
Malaysia's imports from China, on the other hand, rose by 6 percent to 16.9 billion ringgit.
For the first two months of 2022, Malaysia's total trade leapt 21.4 percent to 388.33 billion ringgit from the same period last year, with exports growing 20.4 percent to 213.34 billion ringgit and imports climbing 22.6 percent to 174.99 billion ringgit.
Trade surplus also increased 11.2 percent to 38.35 billion ringgit.
Trade with China during the first two months jumped 23.3 percent to 72.35 billion ringgit compared to the same period of 2021.
Malaysia's exports to China for the period edged up 24.5 percent to 32.28 billion ringgit assisted by higher exports of E&E products, liquefied natural gas (LNG) as well as chemicals and chemical products.
Meanwhile, imports from China gained 22.4 percent to 40.07 billion ringgit.
Taking into account the recent trade performance, MIDF Research on Friday revised Malaysia's exports and imports growth forecasts this year to 7.8 percent and 9.6 percent, respectively.
"We opine that the rate of growth will moderate this year due to the diminishing low-base effect. Overall, we expect growing foreign demand for E&E and commodities, especially palm oil and oil and gas, will support expansion in exports in the coming months," it said in a statement.
But the research house noted the outlook for global growth and international trade could be constrained by prolonged disruption in the global supply chain and rising prices. (1 U.S. dollar equals 4.19 ringgit) ■