Aug exports up 21.5 pct yoy to RM82.23 billion

KUALA LUMPUR: Malaysia’s exports in August 2017 rose by 21.5 per cent year-on-year (yoy) to RM82.23 billion, exceeding the RM80 billion mark for the second time in 2017, while total trade expanded by 22 per cent to RM154.59 billion.

Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, said the first eight months of 2017 saw an unprecedented growth in Malaysia’s trade, with growth exceeding 20 per cent each month, except for January and June.

“Last year, total trade breached the RM1 trillion mark in September, but this year we achieved it in July,” he said in a statement yesterday.

The Ministry of International Trade and Industry (MITI) said total trade for the first eight months of 2017 was valued at RM1.163 trillion, a 22.6 per cent yoy growth.

It said total exports from January to August increased by 22.2 per cent yoy to RM611.92 billion, and imports grew 23 per cent to RM551.07 billion, while trade surplus stood at RM60.84 billion.

On a month-on-month basis, total trade, exports and imports grew by 3.6 per cent, 4.6 per cent and 2.5 per cent, respectively, it said.

It said imports in August rose by 22.6 per cent (RM72.36 billion) yoy, while trade surplus widened to RM9.87 billion, making it the 238th consecutive month of trade surplus since November 1997.

Trade with Asean, China, European Union, Taiwan, US, Japan and Australia had also rose, it said. MITI said exports of manufactured goods for August 2017 grew by 22.3 per cent yoy to RM67.65 billion, bolstered by higher exports of all products in the manufacturing sector.

Electrical and electronic (E&E) exports rose by 20.1 per cent to RM31.04 billion, marking the eighth consecutive month where exports of E&E products recorded a double-digit growth, it said.

The ministry said exports of mining goods in August surged by 38.8 per cent to RM6.9 billion, driven by increased exports of liquefied natural gas, underpinned by both higher average unit value and volume.

“Exports of agriculture goods, however, fell by 1.8 per cent to RM6.68 billion due to lower palm oil exports,” it said.

It said the major exports in August 2017 included E&E products (RM31.04 billion), which accounted for 37.8 per cent of total exports, and chemicals and chemical products (RM5.93 billion), accounting for 7.2 per cent of total exports.

Others were petroleum products (RM5.26 billion), palm oil and palm oil- based agriculture products (RM4.51 billion) and LNG (RM3.97 billion), it said.

Meanwhile, MITI said, trade with China surged by 16.1 per cent yoy to RM25.24 billion in August, with exports reaching RM11.3 billion, the highest monthly value ever recorded.

“This was due to higher uptake of petroleum products, manufactures of metal, chemicals and chemical products, E& E products and rubber products,” it said.

MITI said imports from China also increased by 12.3 per cent to RM13.93 billion. It said trade with Free Trade Agreement (FTA) partners in same month soared by 22 per cent yoy to RM97.7 billion.

“Exports to FTA partners amounted to RM51.18 billion, up by 20.2 per cent and imports totalled RM46.52 billion, up by 24 per cent,” it said.