KUALA LUMPUR – Malaysia’s trade surplus last month widened to RM22.12 billion, registering a double-digit growth of 25.9% year-on-year (y-o-y) and is the highest trade surplus ever recorded for the month.
The International Trade and Industry Ministry (Miti) said exports reached RM91.05 billion in October, increasing by 0.2% compared to October 2019, and this is the third-highest export value recorded thus far.
“The expansion was supported mainly by higher exports to the United States, China, India and the United Kingdom,” it said in a statement today.
Miti said imports totalled RM68.93 billion, decreasing by 6.0%, while total trade valued at RM159.98 billion, contracting by 2.5%.
Compared to September, Miti said total trade, exports and imports in October expanded by 2.6%, 2.4% and 2.9%, respectively, while trade surplus increased by 0.8%.
It said manufactured and agriculture goods contributed to export growth in October.
“Exports of manufactured goods in October 2020, which contributed to 87.8% of total exports, picked up by 2.5% y-o-y to RM79.94 billion, mainly due to higher exports of rubber and electrical and electronics products (E&E),” it said.
Meanwhile, exports of agriculture goods surged by 28.7% to RM7.17 billion compared to October 2019, boosted mainly by higher shipments of palm oil and palm oil-based agriculture products.
Trade with Asean last month, which constituted RM41.15 billion or 25.7% of Malaysia’s total trade, decreased by 10.4% compared to October 2019.
“Exports dropped by 3.6% to RM25.73 billion owing mainly to lower exports of crude petroleum, petroleum products and manufactures of metal,” said the ministry.
“The contraction, however, was moderated by higher exports of E&E products which increased by 18.5% or RM1.77 billion.”
In addition, exports’ growth momentum to China continued, increasing by 4.9% to RM14.27 billion, mainly on higher exports of E&E products, iron and steel products, other manufactures (SSD), manufactures of metal, as well as rubber products.
Meanwhile, exports to the US recorded a double-digit growth for five consecutive months, expanding by 25.6% to RM11.23 billion in October.
It said exports o the European Union continued to expand for two consecutive months, recording a 4.7% growth at RM7.77 billion, boosted by higher exports of rubber products, as well as palm oil and palm oil-based agriculture products.
Exports of manufactured goods to Japan continued to increase by 6.9% to RM4.04 billion, mainly on higher exports of rubber products, petroleum products, as well as E&E products, it said.
“Exports to free trade agreement partners amounted to RM60.68 billion, decreasing by 2.4% while imports contracted by 9.2% to RM44.43 billion.”
Meanwhile, imports in October contracted by 6.0% y-o-y to RM68.93 billion from RM73.29 billion in Oct 2019. – Bernama, November 27, 2020
