Malaysia’s trade surplus expands to RM14.27 bln in July
KUALA LUMPUR: Malaysia recorded a trade surplus in July 2019 amounting to RM14.27 billion, up 75.6% from the same month of the previous year and marking the 261st consecutive month of trade surplus since November 1997.
Exports picked up by 1.7% year-on-year (Y-o-Y) to RM87.96 billion, mainly due to higher exports to Taiwan, the United States (US), China and Singapore, while imports contracted by 5.9% to RM73.69 billion.
“Total trade was valued at RM161.65 billion, a decline of 1.9%,” the International Trade and Industry Ministry (MITI) said in a statement.
On a monthly basis, MITI said total trade, exports and imports registered double-digit growth of 14%, 15.5% and 12.3% respectively. The trade surplus rose by 35.8%.
In January-July, total trade stood at RM1.057 trillion, declining by 1.4% compared to the same period in 2018, with exports slipping 0.4% to RM569.46 billion and imports easing 2.6% to RM487.84 billion.
During the period, the trade surplus increased by 15.9% to RM81.62 billion, said MITI.
Exports of manufactured goods in July 2019, which accounted for 86.1% of total exports, grew by 3.8% to RM75.7 billion.
“The expansion was contributed mainly by higher exports of electrical and electronics (E&E) products, iron and steel products, processed food, machinery, equipment and parts as well as transport equipment,” said MITI.
Mining goods (7.5% share) were valued at RM6.6 billion, declining by 11.6% on account of reduced exports of crude petroleum due to lower volume and average unit value (AUV).
Agriculture goods (5.7% share) totalled RM4.97 billion, down by 9.3% due to lower exports of palm oil and palm oil-based agriculture products, especially palm oil, which recorded a decline of 14.2% to RM2.59 billion following a lower AUV.
Compared to June 2019, exports of manufactured goods grew by 18.7%, agriculture goods increased 3.2%, but mining goods decreased by 5.2%.
Trade with ASEAN in July 2019, which made up 26.4% of Malaysia’s total trade, decreased by 3.7% Y-o-Y to RM42.72 billion.
MITI said exports to the region increased by 1.8% to RM25.16 billion, supported by higher exports of E&E products, machinery, equipment and parts, iron and steel products as well as liquefied natural gas (LNG).
Major markets that recorded expansion were Singapore, which increased by RM372.9 million due to higher exports of E&E products, Vietnam (RM191.5 million, manufactures of metal) and the Philippines (RM247.4 million, petroleum products).
Imports from Asean contracted by 10.7% to RM17.56 billion, said MITI.
In July 2019, trade with China (17.6% share of Malaysia’s total trade) increased marginally by 0.2% Y-o-Y with exports expanding 3.8% to RM13.34 billion on higher exports of manufactures of metal, petroleum products and LNG.
Imports from the republic declined by 2.8% to RM15.16 billion.
Total trade with the European Union (EU), which contributed 9.1% to Malaysia’s total trade in July 2019, fell by 6.2% Y-o-Y to RM14.72 billion.
Exports amounted to RM8.1 billion, decreasing by 2.8% on account of lower exports of palm oil and palm oil-based agriculture products as well as manufactures of metal, while imports decreased by 10% to RM6.62 billion.
“Increases in exports were recorded for E&E products, machinery, equipment and parts as well as transport equipment,” said MITI.
Among the top 10 EU markets, which accounted for 90.2% of Malaysia’s total exports to the EU, exports to four countries recorded increases namely Germany (4.0%), the United Kingdom (UK) (13.3%), Belgium (9.8%) and Spain (37.6%).
Trade with the US in July 2019 grew by 4.2% Y-o-Y to RM14.05 billion, accounting for 8.7% of Malaysia’s total trade with exports growing 7.9% to RM8.36 billion, buoyed by higher exports of E&E products, wood products, transport equipment as well as manufactures of plastics.
Imports from the US fell 0.8% to RM5.69 billion.
Trade with Japan in July 2019 decreased 4.1% Y-o-Y to RM10.52 billion with exports shedding 6.3% to RM5.2 billion due to lower exports of LNG, petroleum products as well as palm oil-based manufactured products.
Higher exports were registered for crude petroleum, processed food as well as transport equipment.
Imports from Japan decreased by 1.9% to RM5.32 billion.
Bernama
