March 2018 sees highest ever monthly export value recorded

KUALA LUMPUR: Malaysia’s exports for March 2018 was the highest ever monthly export value recorded, rising 2.2 per cent year-on-year (y-o-y) to RM84.47 billion, compared with RM82.62 billion in March 2017, said the International Trade and Industry Ministry (MITI).

In a statement yesterday, MITI attributed the performance to higher exports to Hong Kong, the European Union, India, South Korea, Taiwan and South Africa.

Malaysia’s total trade was at RM154.25 billion for the month, a 3.5 per cent decrease y- o- y compared with RM159.85 billion previously.

Imports declined by 9.6 per cent y-o-y to RM69.78 billion from RM77.22 billion..

“The trade surplus widened to RM14.69 billion, making it the 245th consecutive month of trade surplus since November 1997,” the ministry said.

During the month, exports of manufactured goods rose by 3.7 per cent y-o-y to RM69.75 billion, accounting for 82.6 per cent of Malaysia’s total exports, mainly due to higher exports of electrical and electronic products.

Exports of mining goods grew by 1.5 per cent to RM7.78 billion, constituting 9.2 per cent of Malaysia’s total exports, mainly driven by higher exports of crude petroleum.

Exports of agriculture goods, which accounted for 7.2 per cent of total exports, contracted by 11.2 per cent to RM6.12 billion on the back of lower exports of palm oil, palm oil-based agriculture products and natural rubber.

Meanwhile, trade with Asean, which accounted for 27.4 per cent of Malaysia’s total trade, contracted marginally by 0.3 per cent y-o-y, with exports decreasing by 2.7 per cent to RM23.29 billion, while imports increased by 2.7 per cent to RM19.03 billion.

For the first quarter of 2018, total trade stood at RM441.89 billion, a 2.6 per cent growth compared with RM430.5 billion registered in the same quarter last year, while exports rose 5.8 per cent to RM237.63 billion and imports fell 0.8 per cent to RM204.26 billion.

A trade surplus of RM33.37 billion was also recorded for the period. — Bernama