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Malaysia’s total trade up by 14.9% in January to RM156.01b

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Syndicated News
Written by Syndicated News

KUALA LUMPUR — March 5, 2018: Malaysia’s total trade last January surged by 14.9 per cent to RM156.01 billion compared with the corresponding month of last year.

An expansion was seen with Asean, Hong Kong, the European Union, China, India, Taiwan and South Korea. 

During the month exports posted a stronger year-on-year (y-o-y) growth compared to imports, registering double-digit growth of 17.9 per cent to RM82.86 billion.

This was the highest export value ever recorded for any January, surpassing the RM70.27 billion registered last year,” said the Ministry of International Trade and Industry (MITI) in a statement today.

Imports expanded by 11.6 per cent to RM73.15 billion, resulting in a trade surplus of RM9.71 billion. This was the 243rd consecutive month of trade surplus recorded since November 1997.

On a month-on-month basis, total trade expanded by three per cent, e3xports by 4.4 per cent and imports by 1.5 per cent respectively.

The expansion in exports last January was driven mainly by growth in all major sectors, with manufactured goods recording a y-o-y double-digit growth of 20.4 per cent, while mining and agriculture goods grew by 8.5 per cent and 6.2 per cent respectively.

The export of manufactured goods was valued at RM68.34 billion, accounting for an 82.5 per cent share of total exports.

The increase was mainly on account of higher exports of electrical and electronic products (+27.1 per cent), followed by chemicals and chemical products (+23.4 per cent), iron and steel products (+60.9 per cent), optical and scientific equipment (+18 per cent), manufacture of metal (+14.8 per cent) and transport equipment (+32 per cent).

For imports, the total for January increased by 11.6 per cent y-o-y to RM73.15 billion from RM65.53 billion. Intermediate goods, valued at RM37.73 billion or a 51.6 per cent share of the total, decreased by 1.7 per cent, following lower imports of parts and accessories of capital goods (except transport equipment) particularly electrical, machinery, equipment and parts.

Trade with Asean expanded by 16.2 per cent y-o-y to RM42.98 billion compared to January 2017. Exports to the region grew by 15.6 per cent to RM24.19 billion, accounting for a 29.2 per cent share of Malaysia’s total exports. Imports from Asean were higher by 17.1 per cent to RM18.79 billion.

Trade with China also rose by 8.5 per cent y-o-y to RM25.33 billion. — Bernama

 

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