Exports surpass RM80b again
KUALA LUMPUR: Malaysia’s exports exceeded the RM80 billion mark for the second time this year after surging 21.5 per cent to RM82.23 billion year-on-year in August.
The results were led by continued double-digit growth in the electrical and electronics (E&E) segment, said the International Trade and Industry Ministry in a statement yesterday.
Imports rose by 22.6 per cent to RM72.36 billion while the trade surplus widened to RM9.87 billion, it added.
On a month-on-month basis, total trade, exports and imports grew by 3.6, 4.6 and 2.5 per cent, respectively.
MIDF Research pointed out that the exports performance had outpaced market expectation with a 20 per cent growth.
“It is the ninth consecutive months of double-digit expansion in exports since December 2016,” it said yesterday.
MIDF Research also noted that imports, which grew 22.6, outpaced exports growth for the first time in three months.
UOB Bank economist Julia Goh expects some moderation in export growth in the final months of the year, in keeping with the target of 15 to 18 per cent.
“Downside risks to watch include emerging United StatesChina trade frictions and North Korea geopolitical risks,” she added.
The ministry said the upward trend of manufactured goods exports continued in August, raising the share to 82.3 per cent, from 81.8 per cent a year ago.
This was the eight straight month where exports of E&E products recorded a double-digit growth.
Exports of mining goods surged 38.8 per cent, driven by increased exports of liquefied natural gas, underpinned by both higher average unit value and volume.
Exports of agriculture goods dropped marginally by 1.8 per cent, the first year-on-year drop since August last year due to lower exports of palm oil.
In terms of trading partners, the ministry said trade with Asean grew by 25.9 per cent.
Exports to China hit a record high, growing by 21.2 per cent, due to higher uptake of petroleum products, manufactures of metal, chemicals and chemical products, E&E products and rubber products.
Exports to the US grew by 14.5 per cent to RM7.95 billion while exports to Japan rose by 18 per cent to RM6.16 billion.