Malaysia’s trade surplus jumps 655.2% in Aug 2019 at RM10.92 bln

Malaysia’s trade surplus jumps 655.2% in Aug 2019 at RM10.92 bln

KUALA LUMPUR: Malaysia’s trade surplus in August 2019 surged 655.2% valued at RM10.92 billion from August last year, the 262nd consecutive months of trade surplus since November 1997.

In a statement, the International Trade and Industry Ministry (Miti) said total trade eased 6.6% year-on-year (y-o-y) at RM151.79 billion, with exports down 0.8% to RM81.36 billion and imports declined 12.5% to RM70.43 billion.

“Lower exports were recorded to Hong Kong, Australia, Taiwan, China, New Zealand, South Korea and ASEAN. Meanwhile, increases in exports were registered to Bangladesh, India, the United States (US) and the European Union (EU),” it said.

Exports of manufactured goods grew by 0.1% to RM68.64 billion, exports of mining goods fell 20.7% to RM6.01 billion and exports of agricultural goods rose by 13% to RM5.98 billion.

It said the higher exports of agriculture goods were buoyed by higher exports of palm oil and palm oil-based agriculture products, which saw an increase of 31.4% to RM3.65 billion.

Trade with Asean in August 2019 decreased by 8.5% y-o-y to RM39.78 billion, with exports decreased by 1.2% to RM22.92 billion and imports contracted by 16.9% to RM16.87 billion.

Trade with China also declined by 7.9% to RM26.47 billion, with exports reduced by 2.8% to RM11.49 billion while imports declined by 11.5% to RM14.97 billion.

Trade with the EU also fell by 7.8% y-o-y to RM14.47 billion, with exports amounted to RM8.05 billion, increasing by 5.3% whereas imports totalled RM6.42 billion, decreased by 20.3%.

Trade with the US grew by 3.8% y-o-y to RM14.44 billion while exports saw an expansion of 6.8% to RM8.32 billion and imports from the US rose marginally by 0.1%to RM6.11 billion

For the month under review, trade with Japan stood at RM10.26 billion, a decrease of 1.4% y-o-y, while exports totalled RM4.96 billion, increasing by 2.4% and imports contracted by 4.7% to RM5.3 billion.