KUALA LUMPUR: Malaysia’s monthly exports hit a record high of RM86.12 billion in July, leading to a rebound in overall trade surplus after a steep decline in June.
While the export value rose 9.4 per cent year-on-year in July, the country’s imports also recorded the highest monthly value after expanding 10.3 per cent to RM77.83 billion.
This led Malaysia’s trade surplus to rebound 1.7 per cent to RM8.3 billion in July after a year-on-year (YoY) decline of 41.1 per cent in June, according to the International Trade and Industry Ministry.
This was the 249th consecutive month of trade surplus since November 1997, the ministry said in a statement today.
The July total trade rose 9.8 per cent YoY to RM163.95 billion supported mainly by higher trade with China, Hong Kong, Taiwan, Asean, India and Saudi Arabia.
On a month-on-month (MoM) basis, total trade, exports, imports and trade surplus grew 8.4 per cent, 9.6 per cent, 7.2 per cent and 38.3 per cent respectively.
For the first seven months of 2018, Malaysia’s total trade expanded 6.1 per cent to RM1.07 trillion, exports increased 7.3 per cent to RM568.72 billion while imports grew 4.8 per cent to RM499.91 billion.
Year-to-date (YTD) trade surplus surged 29.7 per cent to RM68.81 billion compared to the same period last year.
The ministry said exports of manufactured goods rose 12.6 per cent yoy to RM72.82 billion in July, making up 84.6 per cent of Malaysia’s total exports.
The growth was mainly driven by higher exports of electrical and electronic (E&E) products, chemicals and chemical products as well as manufactures of metal.
Major exports in July 2018 include E&E products, petroleum products, chemicals and chemical products, crude petroleum, and manufactures of metal, valued at RM34.5 billion, RM6.17 billion, RM4.79 billion, RM3.82 billion and RM3.75 billion respectively.
In the first seven months of 2018, exports of manufactured goods grew 10 per cent to RM475.68 billion, mainly led by higher exports of E&E products, manufactures of metal, chemicals and chemical products, optical and scientific equipment as well as transport equipment.
Meanwhile, exports of mining goods increased 3.1 per cent to RM48.4 billion supported mainly by higher exports of crude petroleum.
Exports of agriculture goods contracted 12.8 per cent to RM39.62 billion, owing to lower exports of palm oil and palm oil-based agriculture products.
The ministry said Asean constituted 26.9 per cent of Malaysia’s total trade, recording 3.7 per cent yoy increase to RM44.17 billion.
Malaysia’s exports with Asean grew 1.2 per cent to RM24.62 billion, due to higher exports of E&E products, chemicals and chemical products, transport equipment as well as manufactures of metal.
Meanwhile, imports from Asean rose 7.1 per cent to RM19.55 billion.
Among the major Malaysia’s exports markets to Asean countries include Singapore (RM11.88 billion), Thailand (RM4.95 billion), Vietnam (RM2.97 billion), Indonesia (RM2.87 billion), and Philippines (RM1.46 billion).
For the first seven months of 2018, trade with Asean expanded by 4.0 per cent to RM288.25 billion, while exports grew 3.4 per cent to RM161.77 billion and imports increased 4.9 per cent to RM126.48 billion.
In July 2018, trade with China which absorbed 17.3 per cent of Malaysia’s total trade expanded 19.4 per cent YoY to RM28.31 billion. Exports to China remained strong and recorded the highest monthly export value of RM12.92 billion, while imports grew 7.5 per cent to RM15.39 billion.
YTD July 2018, trade with China expanded 8.9 per cent to RM177.49 billion with exports grew 12.1 per cent to RM77.48 billion and imports rose 6.6 per cent to RM100.01 billion.
Malaysia’s trade with the EU in July marginally decreased 0.4 per cent yoy to RM15.69 billion with lower imports by 3.2 per cent to RM7.35 billion.
However, Malaysia’s export to the EU increased 2.2 per cent to RM8.33 billion, stemming from higher exports of manufactures of metal, palm oilbased manufactured products, crude petroleum as well as rubber products.
Malaysia’s trade with the United States grew 7.0 per cent to RM13.48 billion in July with exports rising 6.7 per cent to RM7.75 billion and imports expanded 7.5 per cent to RM5.73 billion.
YTD, Malaysia’s trade with the US decreased 2.4 per cent to RM87.6 billion, exports grew 1.7 per cent to RM51.39 billion and imports reduced 7.6 per cent to RM36.21 billion.