M’sian exports in August up 1.5% year-on-year

PETALING JAYA: Malaysia’s exports grew 1.5% or RM1.0 billion to RM67.6 billion in August from a year ago due to increases in shipments of palm oil and palm-based products, electrical and electronic products, crude petroleum, and timber and timber-based products.

On a month-on-month basis, exports rose 12.9% or RM7.7 billion from RM59.9 billion, the Statistics Department said.

The rise in exports was mainly due to increased shipments to China, India, Singapore, European Union and the US. In seasonally adjusted terms, exports rose 9%.

Imports increased 4.9% or RM2.7 billion to RM59.1 billion in August 2016 on a year-on-year basis, mainly attributed to intermediate goods, capital goods and consumption goods.

On a month-on-month basis, imports grew 1.9% or RM1.1 billion from RM57.9 billion in July. Higher imports were mainly from China, Saudi Arabia, Vietnam, India and Indonesia. In seasonally adjusted terms, imports expanded 7.2%.

Total trade in August saw a growth of 3.0% or RM3.7 billion from a year ago.