How do exports’ 30.8% growth and imports’ 36.7% growth compare?

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Imports Growth Outpaced Exports Growth in the First Eight Months of 2022

During the first eight months of 2022, imports experienced a faster growth rate than exports. Imports saw a year-on-year (y-o-y) increase of 36.7%, while exports grew by 30.8% y-o-y over the same period. This indicates that the value of goods and services entering the country expanded at a higher pace than the value of goods and services leaving it.
Imports Growth Rate Exceeded Exports Growth Rate

The data for the first eight months of 2022 reveals a disparity in the growth trajectories of imports and exports. Imports registered a significant year-on-year expansion of 36.7%. In contrast, exports, while still showing robust growth, increased by a slightly lower 30.8% y-o-y. This difference of 5.9 percentage points highlights a faster rate of increase for imports compared to exports during this period.
Factors Influencing Trade Growth

MIDF Research attributed the surge in imports to the reopening of the economy and increased domestic demand. Concurrently, sustained elevated commodity prices and robust external demand for electrical and electronics (E&E) products, alongside commodities like petroleum and palm oil, were cited as key drivers supporting export growth. These factors collectively contributed to the overall expansion of both import and export values.
Revised Full-Year Projections

In light of these trends, MIDF Research has adjusted its full-year projections for 2022. The research house now anticipates that exports will grow by 22.4% for the entirety of 2022. The projection for import growth has been revised upwards to 29.5% for the same year. These revised figures reflect an expectation of continued growth in both trade components, albeit at rates that may differ from the performance observed in the initial eight months.

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How do exports’ 30.8% growth and imports’ 36.7% growth compare?

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