Jan-July trade up 6.1 pct to RM1.07 trillion
KUALA LUMPUR: Malaysia’s trade for the seven months of 2018 expanded by 6.1 per cent to RM1.07 trillion, said the Ministry of International Trade and Industry (MITI).
In a statement yesterday, MITI said exports accelerated by 7.3 per cent to RM568.72 billion, while imports grew at a slower pace of 4.8 per cent to RM499.91 billion.
The trade surplus for this period surged by 29.7 per cent to RM68.81 billion compared to the same period last year.
On a monthly basis, total trade in July 2018 rose 9.8 per cent from a year earlier to reach a value of RM163.95 billion on the back of higher trade with China, Hong Kong, Taiwan, Asean, India and Saudi Arabia.
“Exports registered a new high of RM86.12 billion, increasing by 9.4 per cent year-on-year (y-o-y), and imports also recorded the highest monthly value in expanding by 10.3 per cent to RM77.83 billion,” MITI said.
The trade surplus rebounded by 1.7 per cent to RM8.3 billion after a y-o-y decline of 41.1 per cent in June 2018 and this was the 249th consecutive month of trade surplus since November 1997.
On a month-on-month (m-o-m) basis, total trade, exports, imports and the trade surplus grew by 8.4 per cent, 9.6 per cent, 7.2 per cent
Exports registered a new high of RM86.12 billion, increasing by 9.4 per cent year-on-year (y-o-y), and imports also recorded the highest monthly value in expanding by 10.3 per cent to RM77.83 billion. MITI
and 38.3 per cent respectively.
As for the performance of the major sectors, exports of manufactured goods in July 2018 increased by 12.6 per cent y-o-y to RM72.82 billion, accounting for 84.6 per cent of Malaysia’s total exports.
The expansion was driven mainly by higher exports of electrical and electronic (E&E) products, chemicals and chemical products as well as the manufacture of metal.
Exports of mining goods, which constituted 8.5 per cent of total exports, rebounded by 7.1 per cent to RM7.34 billion compared to the decline of 8.8 per cent in June. Higher exports for crude petroleum increased by 90.1 per cent or RM1.81 billion, due to a higher Average Unit Value (AUV).
The export of agriculture goods, which accounted for 6.4 per cent of total exports, contracted by 14.5 per cent to RM5.49 billion.
“This was due to lower exports of palm oil and palm oil-based agriculture products which decreased by 23.1 per cent or RM904.6 million. This was on account of a lower export volume and AUV for palm oil,” the ministry said.
Trade with Asean, constituted 26.9 per cent of Malaysia’s total trade, rising by 3.7 per cent yo-y to RM44.17 billion. Exports amounted to RM24.62 billion, an increase of 1.2 per cent, due to higher exports of E&E products, chemicals and chemical products, transport equipment as well as manufacture of metals.
The country’s trade with China expanded 19.4 per cent y-o-y to RM28.31 billion and exports remained strong in recording the highest monthly export value of RM12.92 billion, a 37.5 per cent growth compared to the previous year.
Malaysia’s trade with the European Union (EU) in July 2018 stood at RM15.69 billion or 9.6 per cent of the total trade, a marginal decline of 0.4 per cent y-o-y.
Exports increased by 2.2 per cent to RM8.33 billion, stemming from higher exports of manufacture of metals, palm oil-based manufactured products, crude petroleum as well as rubber products.
Imports were lower by 3.2 per cent to RM7.35 billion.
Among the top 10 EU markets, exports to seven countries registered growth, namely Italy (32.8 per cent), France (19.2 per cent), the Czech Republic (70.3 per cent), Spain (23.7 per cent), Slovenia (33.3 per cent), Hungary (26.4 per cent) and Germany (1.7 per cent).