Malaysia. Total trade in August up 22% year-on-year

06.10.2017

Malaysia’s total trade in August 2017 rose 22% to RM154.6 billion from a year ago while the trade surplus increased 14.4% to RM9.9 billion from RM8.6 billion a year ago.

On a year-on-year basis, exports rose 21.5% to RM82.2 billion from RM67.6 billion, while imports rose 22.6% to RM72.4 billion from RM59.1 billion.

According to the Department of Statistics Malaysia, re-exports in August 2017 were valued at RM11.2 billion and accounted for 13.6% of total exports, while domestic exports grew 22.1% to RM71.1 billion.

Exports increased year-on-year due to higher shipments to Singapore (up 20.5%), China (21.2%), EU (21.6%) and Taiwan (64.8%) while the higher imports were mainly from Singapore (63.5%), EU (31.2%), China (12.3%) and Taiwan (27.2%).

The main contributors to higher exports were electrical and electronic products, liquefied natural gas (LNG), refined petroleum products, natural rubber, timber and timber-based products and crude petroleum, all of which reported increases.

However, palm oil and palm oil-based products fell 1.5% to RM6.6 billion. Exports of palm oil, the major commodity in this group of products declined 12.1% due to the decrease in export volume.

Meanwhile, the growth in imports was attributed to higher imports of intermediate, capital and consumption goods which grew 25.5%, 12.7% and 17.8% respectively.

Based on data released by the department today, total trade stood at RM1.2 trillion for January till August this year, with China being the biggest trade partner making up 16.2% of the total trade, followed by Singapore at 12.8%.

Total exports for the eight months stood at RM611.9 billion while total imports stood at RM551.1 billion. Total exports to Asean countrie


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