KUALA LUMPUR: Malaysia’s total trade in November 2017 surged by 14.8 per cent to RM157.05 billion compared with the corresponding month of last year, said the Ministry of International Trade and Industry (MITI).
In a statement yesterday, MITI said the main contributor to the growth was trade with Asean, China, US, Hong Kong Special Administrative Region), South Korea, Japan, the European Union and Taiwan.
“During the period, exports increased by 14.4 per cent to RM83.5 billion, the highest monthly export value ever recorded after the RM82.62 billion registered in March 2017 while imports rose by 15.2 per cent to RM73.55 billion.
“Trade surplus amounted to RM9.95 billion, the 241st consecutive month of trade surplus since November 1997,” it said.
Meanwhile, on a month-on-month basis, it said, total trade, exports and imports rose by 1.9 per cent, 1.5 per cent and 2.4per cent respectively.
MITI said total trade for the first eleven months of 2017 amounted to RM1.622 trillion, a 20.8 per cent growth compared with the same period in 2016, with exports totalling RM856.05 billion, an increase of 20.4 per cent and imports at RM766.07 billion, a 21.2 per cent growth.
It said the trade surplus was recorded at RM89.98 billion, up 13.6 per cent compared to the corresponding period a year ago.
Exports of manufactured goods in November 2017 increased by 18.2 per cent or RM10.63 billion to RM68.98 billion, accounting for 82.6 per cent of Malaysia’s total exports, it said.
The increase was mainly on account of higher exports of electrical and electronic (E&E) products and chemicals and chemical products, collectively contributing 55 per cent to total manufactured exports, it said.
MITI said the export of mining goods was marginally lower by 0.9 per cent to RM7.04 billion, constituting 8.4 per cent of Malaysia’s total exports. It was mainly due to lower exports of metalliferous ores and metal scrap as well as crude petroleum.
It said exports of agricultural goods decreased by 2.5 per cent to RM6.73 billion, with a share of 8.1 per cent of total exports due mainly to lower exports of palm oil by 2.1 per cent, on account of lower average unit value and volume.
Meanwhile, MITI said, trade with Asean grew by 21.9 per cent year-on-year (y-o-y) to RM44.22 billion in November 2017, accounting for 28.2per cent of Malaysia’s total trade.
It said exports increased by 18.3 per cent to RM24.72 billion with all main sectors posted double-digit growth. Strong export performance were seen for E&E products which increased by 30.3 per cent or RM1.96 billion.
Imports from Asean surged by 26.7 per cent to RM19.5 billion, it said.
The ministry said that trade with Free Trade Agreement partners in November 2017 rose by 15.9 per cent y-o-y to RM101.59 billion and accounted for 64.7 per cent of Malaysia’s total trade, with exports amounting to RM53.67 billion, up by 14.2 per cent, while imports grew by 18 per cent to RM47.92 billion. — Bernama
Source: Borneo Post Online