KUALA LUMPUR, Malaysia Aug 4 (NNN-Bernama) — Malaysia’s trade in the first half (1H) of 2018 rose 5.3 per cent to RM904.73 billion compared with RM859.18 billion in the same period last year.
In a statement yesterday, the Ministry of International Trade and Industry (MITI) said exports accelerated 7.0 per cent to RM482.64 billion while imports grew at a slower pace of 3.4 per cent to RM422.09 billion.
Trade surplus for 1H 2018 surged 41 per cent to RM60.56 billion compared with the previous corresponding period.
Exports of manufactured goods in 1H, which constituted 83.5 per cent of total exports, expanded 9.4 per cent to RM402.9 billion compared with the same period in 2017, mainly led by higher exports of eletrical and electronic products (E&E), manufactures of metal, chemicals and chemical products, petroleum products and transport equipment.
On a monthly basis, total trade in June 2018 grew 11 per cent year-on-year (y-o-y) to reach RM151.27 billion on the back of higher trade with China, ASEAN, Hong Kong, Taiwan, South Korea, the European Union (EU), Saudi Arabia and the United Arab Emirates (UAE).
Exports expanded 7.6 per cent y-o-y to RM78.66 billion, sustaining the positive momentum for four straight months, while imports rose 14.9 per cent to RM72.61 billion, said MITI.
Trade surplus reached RM6.04 billion and June became the 248th consecutive month of trade surplus since November 1997.
On a month-on-month (m-o-m) basis, total trade, exports, imports and trade surplus contracted 3.1 per cent, 4.2 per cent, 1.9 per cent and 25.5 per cent, respectively, it said.
As for the performance of the major sectors, exports of manufactured goods in June 2018 increased 12.7 per cent y-o-y, or RM7.55 billion, to RM67.19 billion, accounting for 85.4 per cent of Malaysia’s total exports, said MITI.
The expansion was driven mainly by higher exports of E&E products, petroleum products, manufactures of metal, as well as chemicals and chemical products.
Exports of mining goods, which constituted 7.7 per cent of Malaysia’s total exports, declined 10.9 per cent to RM6.03 billion. Lower exports were recorded for liquefied natural gas (LNG) which fell 31.2 per cent to RM2.74 billion, due to lower export volume.
However, crude petroleum exports, as well as metalliferous ores and metal scrap, recorded increases in June 2018, by 25.3 per cent and 34.1 per cent, respectively.
Agriculture goods exports, which accounted for 6.2 per cent of total exports, contracted 18.7 per cent to RM4.86 billion mainly due to lower exports of palm oil and palm oil-based agriculture products, particularly palm oil, which decreased 29.2 per cent to RM2.62 billion.
This was due to the decline in both export volume and average unit value, said MITI.
Trade with ASEAN, which accounted for 26.4 per cent of Malaysia’s total trade, grew 9.9 per cent y-o-y to RM39.89 billion. Exports amounted to RM21.87 billion, an increase of 7.4 per cent attributed to higher exports of petroleum products, manufactures of metal, chemicals and chemical products, as well as E&E products.
The country’s trade with China expanded 17.9 per cent y-o-y to RM26.83 and accounted for 17.7 per cent of total trade. Exports remained strong and recorded growth for the third consecutive month since April 2018, rising 16.9 per cent to RM11.44 billion.
Malaysia’s trade with the EU in June 2018 stood at RM14.54 billion, or 9.6 per cent of Malaysia’s total trade, an increase of 9.7 per cent y-o-y. Exports increased 5.6 per cent to RM7.66 billion, driven by higher exports of manufactured goods, particularly manufactures of metal, chemicals and chemical products as well as rubber products. Imports increased 14.6 per cent to RM6.88 billion.
Among the top 10 EU markets, exports to six countries registered growth, namely, Netherlands which was up 17.6 per cent, Germany (4.9 per cent), France (19.4 per cent ), Spain (25.2 per cent), the Czech Republic (46.7 per cent) and Poland (15.8 per cent).
Source: NAM News Network