Miti: Malaysia's trade surplus rose 2.8pc to RM17.3b in October

Miti said Malaysia’s exports in October 2019 stood at RM90.59 billion, the highest monthly export value recorded in 2019. — Reuters pic
Miti said Malaysia’s exports in October 2019 stood at RM90.59 billion, the highest monthly export value recorded in 2019. — Reuters pic

KUALA LUMPUR, Dec 4 — Malaysia’s trade surplus in October 2019 rose 2.8 per cent to RM17.33 billion, compared with RM16.85 billion registered in October 2018,  the 264th consecutive months of trade surplus since November 1997.

In a statement today, the International Trade and Industry Ministry (Miti) said total trade decreased by 7.6 per cent year-on-year (y-o-y) to RM163.86 billion; imports declined 8.7 per cent while exports contracted by 6.7 per cent.

However, Miti said Malaysia’s exports in October 2019 stood at RM90.59 billion, the highest monthly export value recorded in 2019.

“Higher exports were registered to Singapore, Taiwan, the United States (US) and Russian Federation while lower exports were recorded to Australia, China, Japan, Thailand and India,” it said.

Exports of manufactured goods in October 2019 which attributed 85.8 per cent of total exports contracted by 4.5 per cent to RM77.76 billion, while exports of optical and scientific equipment hit a new monthly record high of RM4.03 billion, with a double-digit expansion of 17.6 per cent from October 2018.

Miti said exports of mining goods declined by 24.6 per cent to RM6.78 billion, mainly due to declining exports of crude petroleum, on account of lower export volume and Average Unit Value (AUV).

However, exports of crude petroleum grew by RM294.4 million to Singapore.

It said exports of agriculture goods were lower by 8.9 per cent to RM5.57 billion mainly due to contraction in exports of palm oil and palm oil-based agriculture products, especially palm oil, while exports of palm oil recorded a contraction of 9.8 per cent y-o-y to RM3.26 billion, as a result of the decline in export volume and AUV.

Trade with Asean in October 2019 decreased by 6.3 per cent y-o-y to RM45.93 billion, with exports lower by 2.8 per cent to RM26.69 billion, while imports contracted by 10.7 per cent to RM19.25 billion.

Trade with China in October 2019 which represented 16.8 per cent of Malaysia’s total trade or RM27.46 billion, decreased by 8.6 per cent y-o-y; exports contracted by 11 per cent at RM13.59 billion and imports declined by 6.2 per cent to RM13.87 billion.

Trade with the US rose by 4.6 per cent to RM15.13 billion; exports to the US continued to grow for seven straight months with an increase of 2.7 per cent y-o-y to RM8.87 billion while imports gained by 7.5 per cent to RM6.26 billion.

Trade with the European Union decreased by 9.2 per cent y-o-y to RM14.35 billion; exports amounted to RM8.12 billion, contracted by 5.2 per cent while imports totalled RM6.23 billion, lower by 13.8 per cent.

Trade with Japan contracted by 10.1 per cent y-o-y to RM11.02 billion; exports totalled RM5.42 billion, decreased by 20.1 per cent while imports rose by 2.3 per cent to RM5.6 billion.

For the month under review, trade with Free Trade Agreement partners declined by 8.9 per cent y-o-y; exports decreased 10.6 per cent to RM54.61 billion while imports contracted by 6.9 per cent to RM47.7 billion. — Bernama

Related Articles