That dollar amount reflects a 35.2% acceleration compared to $238.3 billion during 2018.
Year over year, the overall cost of imported goods bought by Malaysia inflated by 23.5% from $238.3 billion in 2021. and a 25.6% acceleration from 2021 to 2022.
Based on the average exchange rate for 2022, the Malaysian ringgit depreciated by -9.1% against the US dollar since 2018 and fell by -6.2% from 2021 to 2022. Malaysia’s weaker local currency made its imports paid for in stronger US dollars relatively more expensive when converted starting from Malaysian ringgits.
Malaysia’s most valuable imported goods are electronic integrated circuits and microassemblies, refined petroleum oils, crude oil, phone devices including smartphones, then solar power diodes and semi-conductors. That leading quintet of major Malaysian imports amounted to 36.9% of the Asian countries total import purchases in 2022.
Malaysian imports represent roughly 1.3% of total global imports which totaled $22.432 trillion for 2021.
Malaysia’s Best International Trade Suppliers
The latest available country-specific data shows that 70.8% of products imported into Malaysia were supplied by exporters in: mainland China (35.6% of Malaysia’s global total), Singapore (7.5%), Taiwan (5.2%), United States of America (5.1%), Japan (4%), Indonesia (2.8%), South Korea (2.7%), Thailand (2.2%), Australia (also 2.2%), Saudi Arabia (1.8%), Vietnam (1.7%) and India (1.3%).
From a continental perspective, some three-quarters (75.5%) of Malaysia’s total imports by value in 2022 were purchased from fellow Asian countries. Trade partners in Europe furnished another 9.1% of imports bought by Malaysia while 8.4% worth originated from North America.
Smaller percentages came from suppliers in Oceania (3.5%) led by Australia and New Zealand, Latin America (2%) excluding Mexico but including the Caribbean, then Africa (1.5%).
Given Malaysia ‘s population of 33.5 million people, its total $294.4 billion in 2022 imports translates to about $8,800 in yearly product demand from every person in the Southeast Asian country. That per-capita amount outpaces the average $7,100 for 2021.
Malaysia’s Top 10 Imports
The following product groups represent the highest dollar value in Malaysia’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Malaysia.
- Electrical machinery, equipment: US$85.2 billion (29% of total imports)
- Mineral fuels including oil: $55.1 billion (18.7%)
- Machinery including computers: $25.8 billion (8.8%)
- Plastics, plastic articles: $10 billion (3.4%)
- Vehicles: $7.4 billion (2.5%)
- Optical, technical, medical apparatus: $6.7 billion (2.3%)
- Iron, steel: $6.6 billion (2.3%)
- Gems, precious metals: $6.34 billion (2.2%)
- Other chemical goods: $6.27 billion (2.1%)
- Organic chemicals: $5 billion (1.7%)
Malaysia’s top 10 imports accounted for 72.9% of the overall value of its product purchases from other countries.
The fastest grower among Malaysia’s imported product categories were mineral fuels including oil via a 84.4% increase from 2021 to 2022. That increase was propelled by higher Malaysian payments for imported crude oil.
In second place was the miscellaneous chemical goods category (up 33.8% from 2021), trailed by Malaysia’s imports of vehicles (up 25.4%).
Posting the severest year-over-year decline were Malaysia’s imported metals iron and steel, dragged down by a -9.5% reduction year over year.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under other virtual folder tabs is at the more granular 4-digit level.
Malaysia’s Best Imports of Electronic Products
In 2022, Malaysian importers spent the most on the following 10 subcategories of electrical products including consumer electronics.
- Integrated circuits/microassemblies: US$53.6 billion (up 25.2% from 2021)
- Solar power diodes/semi-conductors: $4.4 billion (up 6.1%)
- Phone system devices: $4 billion (down -4.3%)
- Printed circuits: $3.7 billion (up 18.6%)
- Lower-voltage switches, fuses: $2.7 billion (up 34.9%)
- Electrical converters/power units: $1.90 billion (up 11.1%)
- Unrecorded sound media: $1.86 billion (up 60.6%)
- Insulated wire/cable: $1.4 billion (up 14.9%)
- Electrical capacitators: $1.2 billion (down -3.7%)
- TV/radio/radar device parts: $1.1 billion (down -30.6%)
Among these import subcategories, Malaysian purchases of unrecorded sound media (up 60.6%), lower-voltage switches and fuses (up 34.9%) then electronic integrated circuits and microassemblies (up 25.2%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Malaysian businesses and consumers.
Malaysia’s Best Imports of Mineral Fuels Including Oil
In 2022, Malaysian importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$31.6 billion (up 57.9% from 2021)
- Crude oil: $12.1 billion (up 248.7%)
- Coal, solid fuels made from coal: $7 billion (up 73.5%)
- Petroleum gases: $2.7 billion (up 220.4%)
- Petroleum oil residues: $734.7 million (up 23.9%)
- Coke, semi-coke: $417.5 million (up 12.1%)
- Coal tar oils (high temperature distillation): $367 million (up 14.5%)
- Asphalt/petroleum bitumen mixes: $91 million (down -38.4%)
- Petroleum jelly, mineral waxes: $51.7 million (up 35.2%)
- Tar pitch, coke: $6.6 million (down -34.2%)
Among these import subcategories, Malaysian purchases of crude oil (up 248.7%), petroleum gases (up 220.4%) then coal including solid fuels made from coal (up 73.5%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported fossil fuel-related products among Malaysian businesses and consumers.
Malaysia’s Best Imports of Machinery Products Including Computers
In 2022, Malaysian importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$3.5 billion (down -3.9% from 2021)
- Computer parts, accessories: $2.5 billion (up 34.4%)
- Machinery for making semi-conductors: $2.4 billion (up 47.3%)
- Miscellaneous machinery: $1.9 billion (up 37.6%)
- Centrifuges, filters and purifiers: $1.2 billion (up 15.7%)
- Air or vacuum pumps: $936.9 million (up 12.5%)
- Taps, valves, similar appliances: $921 million (up 11.5%)
- Printing machinery: $894.6 million (up 2.5%)
- Temperature-change machines: $607.4 million (up 70.2%)
- Turbo-jets: $569.6 million (up 5.2%)
Among these import subcategories, Malaysian purchases of temperature-change machines (up 70.2%), machinery for making semi-conductors (up 47.3%) then miscellaneous machinery (up 37.6%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Malaysian businesses and consumers.
Malaysia’s Best Imports of Plastic Materials and Plastic Products
In 2022, Malaysian importers spent the most on the following 10 subcategories of plastics.
- Ethylene polymers: US$1.9 billion (up 6.3% from 2021)
- Polyacetal/ether/carbonates: $1.2 billion (down -0.04%)
- Miscellaneous plastic items: $1.1 billion (up 10.4%)
- Plastic plates, sheets, film, tape, strips: $868.6 million (up 1.7%)
- Propylene/olefin polymers: $718.4 million (down -13.7%)
- Styrene polymers: $566.3 million (down -4.9%)
- Plastic packing goods, lids, caps: $463.5 million (up 10.3%)
- Silicones: $372.2 million (up 52.3%)
- Self-adhesive plastic in rolls: $347.5 million (down -7.3%)
- Vinyl chloride polymers: $317 million (down -3.5%)
Among these import subcategories, Malaysian purchases of silicones (up 52.3%), miscellaneous plastic items (up 10.4%) then plastic packing goods, lids and caps (up 10.3%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported plastics among Malaysian businesses and consumers.
See also Malaysia’s Top 10 Exports, Malaysia’s Top Trading Partners, Malaysia’s Top 10 Major Export Companies and Top 10 Asian Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook, Country Profiles. Accessed on April 2, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 2, 2023
International Monetary Fund, World Economic Outlook Databases (GDP based on Purchasing Power Parity). Accessed on April 2, 2023
International Trade Centre, Trade Map. Accessed on April 2, 2023