KUALA LUMPUR — Dec. 6, 2017: Malaysia’s total trade last October surged by 19.8 per cent to RM154.26 billion compared with the corresponding month last year.
The main contributors to the growth were trade with Asean, China, the United States, Hong Kong, Japan, European Union and Taiwan.
During the period, exports rose significantly by 18.9 per cent to RM82.41 billion, exceeding the RM80 billion mark for the third time in 2017, while imports rose by 20.9 per cent to RM71.85 billion.
“The trade surplus widened to RM10.56 billion, the highest value since April 2016, making it the 240th consecutive month of trade surplus since November 1997,” said the International Trade and Industry Ministry (MITI) in a statement today.
On a month-on-month basis, total trade, exports and imports expanded by 4.3 per cent, 5.3 per cent and 3.2 per cent respectively.
Total trade for the first ten months of 2017 amounted to RM1.46 trillion, a 21.5 per cent growth compared with the same period in 2016, with exports totalling RM772.66 billion, an increase of 21.1 per cent and imports at RM692.51 billion, a 21.9 per cent growth.
The trade surplus was recorded at RM80.15 billion, higher by 14.4 per cent compared to the corresponding period a year ago.
Exports of manufactured goods in October 2017 increased by 19.5 per cent or RM11.11 billion to RM68.07 billion, accounting for 82.6 per cent of Malaysia’s total exports.
The expansion was mainly on account of higher exports of electrical and electronic (E&E) products and petroleum products, collectively contributing 54.8 per cent to total manufactured exports.
MITI said the export of mining goods grew by 27.3 per cent to RM6.7 billion, constituting 8.1 per cent of Malaysia’s total exports. It was mainly driven by increased exports of crude petroleum on the back of higher average unit value and volume.
Exports of agricultural goods increased by 6.3 per cent from October 2016 to RM6.98 billion, accounting for 8.5 per cent of total exports.
Exports of palm oil and palm oil-based agriculture products which grew by 7.9 per cent to RM4.98 billion was the main contributor to the expansion.
Trade with Asean grew by 22.4 per cent year-on-year (y-o-y) to RM43.28 billion in October 2017, accounting for 28.1 per cent of Malaysia’s total trade.
Exports recorded double-digit growth of 19.5 per cent to RM23.9 billion, mainly due to the strong export performance of E&E products which increased by RM1.4 billion, followed by crude petroleum, transport equipment, chemicals and chemical products, optical and scientific equipment.
Imports from Asean surged by 26.1 per cent to RM19.38 billion.
Trade with Free Trade Agreement partners last October expanded by 19.1 per cent y-o-y to RM97.6 billion and accounted for 63.3 per cent of Malaysia’s total trade, with exports amounting to RM51.17 billion, up by 18.4 per cent, while imports grew by 20 per cent to RM46.43 billion. — Bernama