Miti: Malaysia’s Sept trade surplus surges 49.3pc year-on-year to RM21.97b

According to Miti, Malaysia’s total trade in September 2020 expanded by 5.5 per cent to RM155.88 billion compared to September 2019. — Picture by Hari Anggara
According to Miti, Malaysia’s total trade in September 2020 expanded by 5.5 per cent to RM155.88 billion compared to September 2019. — Picture by Hari Anggara

KUALA LUMPUR, Oct 28 — Malaysia’s trade surplus surged by 149.3 per cent year-on-year (y-o-y) to RM21.97 billion in September 2020, the highest trade surplus ever recorded for the month.

The Ministry of International Trade and Industry (Miti) said total trade, exports and imports grew by 7.5 per cent, 12.4 per cent and 1.6 per cent, respectively, in September compared to August 2020, with trade surplus recorded a significant expansion of 66.3 per cent.

It said Malaysia’s total trade in September 2020 expanded by 5.5 per cent to RM155.88 billion compared to September 2019.

“Increases in trade were recorded primarily with China, Hong Kong, the United States, the Netherlands, and Taiwan.

“Exports rebounded by a double-digit growth of 13.6 per cent to RM88.93 billion, the highest export value ever recorded for the month of September 2020, while imports decreased by 3.6 per cent to RM66.96 billion,” it said in a statement, today.

Furthermore, Miti said exports of manufactured and agriculture goods also registered a double-digit growth in September 2020.

“Exports of manufactured goods in September 2020, which made up 87.7 per cent of total exports, picked up by 16.3 per cent year-on-year (y-o-y) to RM77.99 billion.

“The expansion was due mainly to higher shipments of electrical and electronics (E&E) products, rubber products, other manufactures, especially solid-state storage devices (SSD), iron and steel products, as well as optical and scientific equipment,” it said.

It said exports of agriculture goods surged by 26.6 per cent to RM6.55 billion compared to September 2019, buoyed mainly by higher exports of palm oil and palm oil-based agriculture products.

Miti said E&E products also drove exports to Asean in September 2020, which contributed RM38.79 billion, or 24.9 per cent, to Malaysia’s total trade, registering a 0.5 per cent increase from September 2019.

“Exports rebounded by 6.7 per cent to RM23.1 billion, backed mainly by higher exports of E&E products which increased by 47.8 per cent or RM3.2 billion,” it said.

Besides, robust export growth to China continued as it contributed 19.8 per cent to Malaysia’s total trade in September 2020, recording an expansion of 21.5 per cent y-o-y to RM30.85 billion.

“Exports to China surged by 41.9 per cent to RM15.56 billion, mainly on higher exports of E&E products, iron and steel products, as well as palm oil and palm oil-based agriculture products,” it added.

Miti said exports to the US remained strong and posted a double-digit growth of 22.1 per cent to RM10.32 billion in September 2020 due to increases in exports primarily for rubber products, E&E products, wood products, machinery, equipment and parts, as well as other manufactures.

It added that exports to the EU rebounded with a double-digit growth of 28.6 per cent to RM8.63 billion, underpinned by higher exports of E&E products, rubber products, palm oil and palm oil-based agriculture products, as well as manufactures of metal.

Meanwhile, manufactured goods cushioned exports to Japan edged down by 11.3 per cent to RM4.76 billion, owing mainly to lower exports of liquefied natural gas (LNG).

“The contraction, however, was cushioned by higher exports of manufactured goods which improved by 1.6 per cent to RM3.67 billion,” it added. — Bernama

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