Malaysia’s total trade marginally up to RM118.31 billion

KUALA LUMPUR: Malaysia’s total trade rose marginally to RM118.31 billion in January 2016 from RM118.25 billion recorded in the same month in 2015, supported by exports of manufactured goods.

The International Trade and Industry Ministry ( Miti) in a statement said the higher trade numbers serve to underline Malaysia’s resilience despite the challenging global economic environment.

Exports of manufactured goods for January 2016 grew by RM1.95 billion to RM50.59 billion, accounting for 81.8 per cent of Malaysia’s total exports.

The increase was supported mainly by higher exports of machinery, equipment and parts by RM588.7 million, electrical and electronic products (up RM566 million), manufactures of metal (up RM496 million) as well as optical and scientific equipment (up RM407.1 million).

Higher trade was recorded with Asean which grew by RM1.6 billion, China (up RM827.2 million), the United States of America (up RM727 million), India (up RM600 million), Germany (up RM353.1 million), Switzerland (up RM350.8 million) and Turkey (up RM317.9 million).

A positive trade balance of RM5.39 billion was recorded in January 2016, despite overall exports decreasing by 2.8 per cent to RM61.85 billion while imports expanded by 3.3 per cent to RM56.46 billion.

This was the 219th consecutive month of trade surplus recorded since November 1997.

On a sectoral basis, Miti said the export performance in January 2016 was affected by a contraction in exports of mining goods which declined by 40.9 per cent due mainly to lower exports of liquefied natural gas and crude petroleum.

This was partly cushioned by higher exports of both manufactured and agricultural goods which increased by 4.0 per cent and 5.7 per cent, respectively.

Agricultural goods accounted for 8.5 per cent of Malaysia’s total exports in January 2016 while mining goods contributed 9.1 per cent. — Bernama