Malaysia’s foreign trade rose nearly 25% in 2021 to hit the 2 trillion RM (nearly 450 billion USD) mark for the first time after recording negative growth for two consecutive years, said the Department of Statistics Malaysia (DoSM).
Penang Port in Butterworth town of Malaysia (Photo: AFP/VNA)
Kuala Lumpur (VNA) - Malaysia’s foreign trade rosenearly 25% in 2021 to hit the 2 trillion RM (nearly 450 billion USD) mark forthe first time after recording negative growth for two consecutive years, saidthe Department of Statistics Malaysia (DoSM).
Exportsrose 26.1% to a record high of 1.2 trillion RM (25 billion USD), thanks to significantperformances of both domestic exports and re-exports.
Meanwhile, imports also increased by 23.3% to 987.3 billion RM (21.8 billionUSD).
Malaysia has maintained a trade surplus for 24 consecutive years since 1998.
Lastyear, China, ASEAN countries, the US, the EU and Japan were main export marketsof Malaysia./.
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.
Malaysia's Consumer Price Index (CPI) increased by 3.4% to 127.4 in June this year from 123.2 in June last year, surpassing the country’s average inflation for the period from January 2011 to June 2022 by 1.9%.
Malaysia's state energy firm Petroliam Nasional Bhd (Petronas) is forecast to contribute to around 59 billion RM (13.25 billion USD) to the government budget this year, a year-on-year rise of about 12%.
Malaysia's economy is on a recovery path, but ongoing inflation is inflicting hardship on certain segments, including low-income households who have been disproportionately affected by rising price pressures, said Bank Negara Malaysia (BNM).
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Penang Port in Butterworth town of Malaysia (Photo: AFP/VNA) 
