Malaysia's exports in May soared 47.3 percent year on year to 92.31 billion ringgit (22.24 billion U.S. dollars), official data showed Monday.

Malaysia's International Trade and Industry Ministry said in a statement that the export growth was contributed mainly by the robust demand for electrical and electronic (E&E) products, mainly semiconductors due to the increasing orders for work-from-home equipment and digitalization of businesses, rubber products as well as petroleum products.

It also said, all major markets namely the Association of Southeast Asian Nations (ASEAN), China, the United States, the European Union and Japan registered positive export growth.

Meanwhile, Malaysia's trade in May jumped 48.7 percent year on year to 170.88 billion ringgit. Its imports expanded by 50.3 percent to 78.57 billion ringgit, and trade surplus increased by 32.3 percent to 13.74 billion ringgit.

Trade for the first five months of 2021 grew by 26 percent year on year to 867.4 billion ringgit, with exports grew 31.1 percent to 480.09 billion ringgit and imports climbed 20.1 percent to 387.31 billion ringgit.

In May, Malaysia's trade with China rose by 40.8 percent year on year to 33.44 billion ringgit, accounting for 19.6 percent of Malaysia's total trade.

Malaysia's exports to China recorded the seventh consecutive month of double-digit growth, rose by 17.7 percent to 13.87 billion ringgit, underpinned by higher exports of E&E products, liquefied natural gas (LNG), other manufactures especially solid-state storage devices (SSD) as well as chemicals and chemical products. Imports from China, meanwhile, grew by 63.6 percent to 19.57 billion ringgit.

For January to May, Malaysia's trade with China expanded by 34.1 percent year on year to 161.6 billion ringgit. Malaysia's exports to China rose by 30.5 percent to 71.31 billion ringgit, driven by higher exports of E&E products, manufactures of metal as well as LNG. Its imports from China also increased by 37.2 percent to 90.28 billion ringgit.

In a note Monday, MIDF Research reiterated Malaysia's export and import growth rate forecast this year at 13.5 percent and 12.7 percent respectively.

"Malaysia trade performance is expected to rebound in 2021, carrying over the strong momentum in the second half of 2020 on the back of resumption in activities globally driven by a return to normalcy in the global supply chain," it said. (1 U.S. dollar equals 4.14 ringgit)