KUALA LUMPUR, Jan. 18 (Xinhua) -- Malaysia's exports rose 25 percent year on year to 1.55 trillion ringgit (358.26 billion U.S. dollars) in 2022, official data showed Wednesday.
The expansion in exports was driven by robust exports of electrical and electronic products (E&E), petroleum products, liquefied natural gas (LNG), palm oil and palm oil-based agriculture products, crude petroleum as well as machinery, equipment and parts, the Ministry of International Trade and Industry (MITI) said in a statement
Meanwhile, exports to major trading partners, notably the Association of Southeast Asian Nations (ASEAN), China, the United States, the European Union and Japan, registered a new record high.
According to the MITI, Malaysia's total trade for the year climbed 27.8 percent year on year to 2.85 trillion ringgit (658.73 billion dollars).
Its imports for the year grew 31.3 percent year on year to 1.3 trillion ringgit (300.47 billion dollars).
Its trade surplus also increased by 0.6 percent to 255.1 billion ringgit (59 billion dollars).
In 2022, exports of manufactured goods accelerated by 22.3 percent year on year to 1.31 trillion ringgit (302.68 billion dollars), making up 84.2 percent of Malaysia's total exports.
E&E products held the biggest share of total exports at 38.2 percent, expanded by 30.2 percent year on year to 593.49 billion ringgit (137 billion dollars).
The increase was driven by robust demand for semiconductors due to acceleration of global technology upcycle and business digitalization.
In 2022, China has remained Malaysia's largest trading partner for 14 consecutive years with 17.1 percent share of Malaysia's total trade, expanding by 15.6 percent year on year.
MITI Minister Tengku Zafrul Tengku Abdul Aziz said that, despite the challenging global landscape, Malaysia will continue to promote international trade and exports to reinforce business resilience and sustain its economic growth momentum. ■