TRADE HITS RM1.558TRIL
Exports soared to RM829.89b while imports hit RM727.88b, says ministry
MALAYSIA’S total trade through October this year rose to a new high, expanding 6.5 per cent to RM1.558 trillion compared with the same period last year.
Exports soared 7.5 per cent to RM829.89 billion while imports grew 5.4 per cent to RM727.88 billion during the period.
In October, there was positive growth in trade with major economies such as China, the European Union and the United States.
According to the external trade statistics released by the International Trade and Industry Ministry, October’s trade expanded by 14.8 per cent to RM176.43 billion compared with the same month last year.
Trade surplus for the first 10 months had risen by 25.6 per cent to RM102.01 billion compared with the same period last year, marking a 252nd consecutive month of trade surplus since November 1997.
FXTM Global Head of Currency Strategy & Market Research Jameel Ahmad said the impressive trade balance data suggested that economic momentum for the final quarter of the year was off to a positive start.
“The annualised expansion in exports from a year earlier at 17.7 per cent also indicates that there is robust demand for Malaysian goods and, more importantly, that demand for Malaysian products has not been heavily impacted by ongoing trade tensions that are viewed as a disruptive risk for the global economy,” he said.
“This is a very good sign for the Malaysian economy as a strong emerging market performer, and these tier-one domestic economic data releases will continue to be very closely monitored over the future,” he added.
Malaysia’s higher trade was with Asean, China, Taiwan, Hong Kong, Australia, South Korea, Saudi Arabia, the US, India and the EU.
Exports recorded the highest monthly value of RM96.38 billion, a rise of 17.7 per cent year-on-year (y-o-y), outpacing import growth for two consecutive months while imports rebounded by 11.4 per cent to RM80.05 billion from a drop of 2.8 per cent in September this year.
The October expansion was driven mainly by higher exports of electrical and electronic (E&E) products, petroleum products, chemicals and chemical products as well as manufactures of metal.
Higher exports were recorded for liquefied natural gas (LNG) and crude petroleum due mainly to higher average unit value.
Exports to Asean was up by 16 per cent — the fastest growth since December last year.
Trade with Asean in October jumped by 13.8 per cent y-o-y to RM48.82 billion and constituted 27.7 per cent of Malaysia’s total trade.
Meanwhile, Malaysia’s exports to China rebounded strongly in October, rising 33 per cent to RM15.12 billion from a 0.6 per cent drop in September.
This was on the back of huge exports of E&E products, petroleum products, chemicals and chemical products as well as LNG.