Malaysia’s November exports up 14.4% year-on-year
Malaysia’s exports in November 2017 expanded 14.4 percent year-on-year to 83.5 billion ringgit ($20.92 billion) on higher manufactured goods demand, Malaysia’s Ministry of International Trade and Industry (MITI) said on Friday.
The export growth was down from a 18.9-percent growth in October last year, according to Xinhua.
MITI said in a statement that manufactured goods exports, which accounted for 82.6 percent of Malaysia total export, increased by 18.2 percent year-on-year in November 2017.
The expansion of manufacturing sector was mainly supported by higher exports of electrical and electronic (E&E) products, chemicals and chemical products.
Exports for mining and agriculture goods, however, fell 0.9 percent and 2.5 percent respectively in November 2017. Malaysia’s total trade in November 2017 surged 14.8 percent year-on-year, buoyed by trade with trading partners including other members of the Association of Southeast Asian Nations (ASEAN), the European Union (EU), China, South Korea and the United States.
Malaysia’s exports to ASEAN grew 18.3 percent, while exports to EU and US, rising 12.4 and 13.4 percent respectively. Malaysia’s exports growth to China also remained resilient at 3.3 percent.
For the first eleven months of 2017, total trades surged 20.8 percent to 1.622 trillion ringgit, with exports and imports jumped 20.4 percent and 21.2 percent respectively.
Economists said that the exports growth for November 2017 showed Malaysia’s exports remained steady, though it has been moderating in the second half of 2017.
Turkish Lira Euro British Pound Australian Dollar Japanese 100 Yen Crude Oil Gold Copper 0.2672 1.2052 1.3535 0.7850 0.7997 $61.40 $1318.00 $3.24 Chinese Yuan UAE Dirham Kuwaiti Dinar Iraqi Dinar Saudi Riyal Silver Platinum Wheat 0.8835 0.1541 0.2722 3.3154 0.0839 $17.18 $967.00 $432.75