In 2022, the Malaysian automotive manufacturing sector experienced significant growth in its export performance, establishing strong trade relationships with various countries across Asia and beyond. This article explores the top import markets for Malaysian automotive products, categorized under HS Code 87, and highlights the countries that dominated this sector. The leading import market was Singapore, followed closely by Thailand and Australia. Additionally, neighboring countries such as Indonesia and Viet Nam played a substantial role in contributing to Malaysia's export growth. The United States of America, Taipei, Chinese, Japan, China, and Hong Kong, China also stood out as prominent markets, reflecting the diverse range of markets that Malaysia successfully tapped into for its automotive products.
Singapore: A Leading Market for Malaysian Automotive Products
Among the top import markets, Singapore held the leading position, demonstrating a strong demand for Malaysian automotive products. The Singaporean market accounted for a substantial share of 29.2% and recorded exports valued at USD 805,297 thousand. This significant demand in Singapore underscores Malaysia's successful penetration of the international market.
Thailand: A Significant Destination for Malaysian Automotive Exports
Following closely was Thailand, serving as another significant market for Malaysian automotive exports. Thailand held a share of 15.1% and witnessed exports worth USD 416,419 thousand. The notable presence of Malaysian automotive goods in the Thai market highlights the country's importance as a destination for these exports.
Australia: A Noteworthy Import Market
Australia secured the position of the third-largest import market for Malaysian automotive manufacturing exports. With a share of 5.5% and exports valued at USD 152,599 thousand, Australia showcased a notable demand for Malaysian automotive products, contributing to the industry's export growth.
Indonesia and Viet Nam: Significant Import Markets
The neighboring countries of Indonesia and Viet Nam also played a crucial role in Malaysia's automotive export growth. Indonesia recorded import values of USD 140,971 thousand, while Viet Nam demonstrated import values of USD 132,880 thousand. These substantial import volumes from these countries further boosted Malaysia's export performance.
Prominence in International Markets
Apart from the Asian markets, the United States of America stood out as a prominent market for Malaysian automotive manufacturing exports. The export value to the United States was recorded at USD 110,171 thousand. Additionally, Taipei, Chinese, Japan, China, and Hong Kong, China also displayed their prominence as import markets with export values of USD 109,516 thousand, USD 102,381 thousand, USD 92,100 thousand, and USD 79,841 thousand, respectively. These figures highlight the diverse range of markets that Malaysia successfully taps into for its automotive manufacturing exports.
Specific Product Codes and Export Performance in Singapore
Examining the Singaporean market in more detail, the Malaysian automotive manufacturing sector experienced significant trade in 2022. The leading product code in this market was '8714,' which recorded exports valued at USD 660,244 thousand, showcasing the strong demand for this particular automotive product. Following closely was product code '8708,' with exports worth USD 116,990 thousand. Other notable product codes included '8703' with exports valued at USD 6,451 thousand, '8709' at USD 4,519 thousand, and '8712' at USD 4,441 thousand. Additionally, '8716' recorded exports worth USD 4,309 thousand, '8711' at USD 3,955 thousand, '8707' at USD 1,341 thousand, '8706' at USD 977 thousand, and '8701' at USD 671 thousand. The remaining product codes, namely '8715,' '8704,' '8713,' '8702,' and '8705,' represented exports at lower values, ranging from USD 417 thousand to USD 135 thousand. These figures shed light on the specific automotive products that contributed to the strong export performance of the Malaysian automotive manufacturing industry in the Singaporean market in 2022.
The Malaysian automotive manufacturing sector showcased its prowess in 2022 by dominating various import markets across Asia and beyond. Singapore, Thailand, and Australia emerged as significant destinations for Malaysian automotive exports, while neighboring countries such as Indonesia and Viet Nam also contributed to Malaysia's export growth. Furthermore, the United States of America and several Asian markets displayed their prominence as import markets. The strong export performance and diverse market reach demonstrate Malaysia's success in tapping into international markets for its automotive products.