PETALING JAYA: Malaysia’s exports nearly reached the RM1 trillion mark last year, recording 6.7% growth year-on-year to RM998 billion, while imports grew 4.9% year on year to RM877.7 billion.
This resulted in a record high total trade of RM1.9 trillion, representing year-on-year growth of 5.9%.
“This remarkable performance was contributed by higher trade with Hong Kong (+RM27.9 billion or 45.2%), China (+RM23.4 billion or 8.1%), Taiwan (+RM17.4 billion or 22.1%), Singapore (+RM13.6 billion or 6.0%) and the European Union (+RM8.5 billion or 4.8%),” Chief Statistician of Malaysia Datuk Seri Dr Mohd Uzir Mahidin said in a statement today.
According to the Department of Statistics, exports in December 2018 increased 4.8% year-on-year to RM83.3 billion. Re-exports were valued at RM14.1 billion with an increase of 16.3% and accounted for 16.9% of total exports. Domestic exports recorded an increase of 2.7% to RM69.2 billion.
The main items which contributed to the expansion in exports in December 2018 were electrical and electronic products (+RM4.1 billion), crude petroleum (+RM471.1 million) and timber and timber-based products (+RM8.7 million).
However, declines were recorded for palm oil and palm oil-based products (-RM1.6 billion), refined petroleum products (-RM246.4 million), liquefied natural gas (-RM114.2 million) and natural rubber (-RM50.7 million).
Meanwhile, imports increased marginally by 1.0% year on year to RM72.8 billion in December, mainly due to intermediate goods (+RM1.2 billion) and consumption goods (+RM352.9 million). However, imports of capital goods declined RM2.6 billion.
Total trade, which was valued at RM156.1 billion, increased 3.0% year on year. The trade surplus was RM10.4 billion, an increase of RM3.1 billion (+41.6%) from a year ago.
Source: The Sun Daily