KUALA LUMPUR, April 3 — Malaysia’s trade with major partners China and the US grew by 14.1 per cent and 10.1 per cent respectively in February 2020, when compared to the same month last year.
A statement by the Ministry of International Trade and Industries (Miti) said that in February trade with China which represented 14.1 per cent of Malaysia’s total trade or RM19.19 billion, increased by 8.6 per cent year-on-year (y-o-y).
Exports to China improved by 11 per cent to RM9.44 billion, after a decline of 5.6 per cent in January 2020 while Imports from China rose by 6.5 per cent to RM9.76 billion.
The exports were supported by expansion in exports of iron and steel products, optical and scientific equipment, manufactures of metal as well as palm oil and palm oil-based agriculture products.
However, on a month-on-month (m-o-m) basis, trade, exports and imports contracted by 27.3 per cent, 9.3 per cent and 39 per cent.
Malaysia’s trade with China from January to February this year suffered a 2.1 per cent decrease and stood at RM45.6 billion when compared to the same period last year.
However, exports for the period grew by 1.6 per cent to RM19.84 billion, mainly on account of higher exports for iron and steel products, manufactures of metal as well as optical and scientific equipment.
Imports from China slipped by 4.8 per cent to RM25.76 billion for the two-month period.
Meanwhile, trade with the US in February 2020 which constituted 10.1 per cent of Malaysia’s total trade rose by 23.3 per cent to RM13.78 billion.
“Exports to the US continued to grow for 11 straight months with an increase of 25.5 per cent y-o-y to RM7.93 billion in February 2020.
“Higher exports of manufactured goods were recorded particularly for E&E products, wood products, optical and scientific equipment, machinery, equipment and parts as well as rubber products. Imports from the US increased by 20.4 per cent to RM5.85 billion,” said the statement, referring to electrical and electronic industry.
However, in comparison with January 2020 for the same period, trade, export and imports fell by 10.5 per cent, 8.9 per cent and 12.6 per cent, respectively.
During the first 2 months of 2020, trade with the US rose by 19.3 per cent to RM29.19 billion compared to the same period last year.
Exports grew by 16.6 per cent to RM16.64 billion driven by higher exports of E&E products, wood products, optical and scientific equipment, machinery, equipment and parts as well as manufactures of metal while imports from the US increased by 23.1 per cent to RM12.55 billion.
On the other hand, trade with the European Union which contributed 8.4 per cent to Malaysia’s total trade registered a decrease of 7.1 per cent y-o-y to RM11.41 billion with exports amounting to RM6.71 billion which is a 4.9 contraction due to lower exports of E&E products and metal products.
