PETALING JAYA: Malaysia’s exports expanded at a faster pace of 17.7% year on year (yoy) in October to hit a new high of RM96.4 billion while imports grew 11.4% to RM80.1 billion, resulting in the largest trade surplus on record.
The trade surplus was RM16.3 billion in October, an increase of RM6.3 billion (+63.1%) from a year ago. It was also higher by RM1.1 billion (+7.2%) from the previous month. In September, the country’s exports grew 6.7% yoy.
Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said re-exports were valued at RM20.8 billion, registering a surge of 43.8% yoy and accounted for 21.6% of total exports.
“Domestic exports also recorded an increase of 12.1% or RM8.2 billion to RM75.5 billion. Total trade which was valued at RM176.4 billion increased RM22.7 billion or 14.8% from October 2017,” he said in a statement today.
Data from the Department of Statistics revealed that export growth was contributed by expansion in exports to China (+RM3.7 billion), Hong Kong (+RM2.2 billion), Singapore (+RM2.1 billion), Taiwan (+RM1.4 billion) and Australia (+RM1.3 billion).
Meanwhile, higher imports were mainly from Taiwan (+RM1.6 billion), Saudi Arabia (+RM1.3 billion), Indonesia (+RM1.1 billion), Singapore (+RM1.1 billion) and China (+RM1.0 billion).
The main contributors to the expansion in exports were electrical and electronic products (+RM7.2 billion), refined petroleum products (+RM1.8 billion), liquefied natural gas (+RM1.1 billion), crude petroleum (+RM937.0 million) and timber and timber-based products (+RM133.9 million).
However, exports of palm oil and palm oil-based products as well as natural rubber fell by RM807.1 million and RM9.2 million respectively.
Meanwhile, the increase in imports by end-use in October was mainly contributed by consumption goods and intermediate goods, which rose by RM454.6 million and RM402.7 million respectively. However, imports of capital goods declined RM153.0 million.
Source: The Sun Daily