Malaysia’s trade surplus surges 655.2 pct at RM10.92 billion

KUALA LUMPUR: Malaysia’s trade surplus in August 2019 surged 655.2 per cent valued at RM10.92 billion from August last year, the 262nd consecutive months of trade surplus since November 1997.

In a statement, the International Trade and Industry Ministry ( MITI) said total trade eased 6.6 per cent year- on-year (y- o-y) at RM151.79 billion, with exports down 0.8 per cent to RM81.36 billion and imports declined 12.5 per cent to RM70.43 billion.

“Lower exports were recorded to Hong Kong, Australia, Taiwan, China, New Zealand, South Korea and Asean. Meanwhile, increases in exports were registered to Bangladesh, India, the United States ( US) and the European Union ( EU),” it said.

Exports of manufactured goods grew by 0.1 per cent to RM68.64 billion, exports of mining goods fell 20.7 per cent to RM6.01 billion and exports of agricultural goods rose by 13 per cent to RM5.98 billion.

It said the higher exports of agriculture goods were buoyed by higher exports of palm oil and palm oil-based agriculture products, which saw an increase of 31.4 per cent to RM3.65 billion.

Trade with Asean in August 2019 decreased by 8.5 per cent y- o-y to RM39.78 billion, with exports decreased by 1.2 per cent to RM22.92 billion and imports contracted by 16.9 per cent to RM16.87 billion.

Trade with China also declined by 7.9 per cent to RM26.47 billion, with exports reduced by 2.8 per cent to RM11.49 billion while imports declined by 11.5 per cent to RM14.97 billion. — Bernama