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Malaysia’s exports up 3.1% in Jan, trade surplus surges to RM 11.5b

REUTERSPIX

Malaysia’s exports in January 2019 posted a growth of 3.1% year-on-year (y-o-y) to RM85.4 billion, outpacing imports, which grew 1.0% y-o-y to RM73.9 billion.

Chief statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said total trade in January 2019 grew 2.1% to reach RM159.3 billion from January 2018. The trade surplus was RM11.5 billion, surged 19.2% or RM1.9 billion compared to the previous year.

“The export growth was attributed to expansion in exports to China (+RM919.4 million), Thailand (+RM823.3 million), Republic of Korea (+RM775.0 million) and the United States (+RM680.8 million).”

The main products which contributed to the expansion in exports in January 2019 were electrical & electronic products (+RM2.6 billion), liquefied natural gas (+RM1.4 billion), and timber and timber-based products (+RM92.7 million).

However, declines were recorded for these products; refined petroleum products (-RM1.6 billion), palm oil and palm oil-based products (-RM1.1 billion), crude petroleum (-RM26.6 million) and natural rubber (-RM16.4 million).

Re-exports was valued at RM17.5 billion (+0.4%) and accounted for 20.5% of total exports. Domestic exports increased RM2.5 billion or 3.9% to RM67.9 billion.

Meanwhile, higher imports were mainly from China (+RM2.7 billion), Saudi Arabia (+RM1.2 billion) and Taiwan (+RM696.0 million).

The increase in imports by end use was mainly attributed to consumption goods (+RM208.9 million). However, imports of capital goods and intermediate goods recorded a decline of RM308.2 million and RM283.7 million respectively.

  • The Sun Daily
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