KUALA LUMPUR: Malaysia’s trade in February 2020 grew 11.6 per cent year-on-year (YoY) to RM136.28 billion from RM122.14 billion recorded in the same period a year ago, according to International Trade and Industry Ministry (MITI).
The agency said higher trade was recorded with the United States (US), Singapore, the Republic of Korea (ROK), China and Taiwan.
Exports picked up sharply by 11.8 per cent to RM74.45 billion in February 2020, compared to a 1.5 per cent decline in January 2020 while imports expanded 11.3 per cent to RM61.83 billion.
MITI said Malaysia’s trade surplus in February 2020 grew 14.1 per cent to RM12.62 billion from RM11.06 billion recorded in February 2019.
“This was the largest trade surplus recorded for the month of February thus far and the 268th consecutive month of surplus,” MITI said in a statement today.
However, trade, exports and imports posted a decline of 12.7 per cent, 11.5 per cent and 14.2 per cent in February compared to January 2020.
Malaysia’s total exports in February 2020 increased 11.79 per cent YoY to RM74.45 billion from RM66.60 billion a year ago.
Exports of manufactured goods in February 2020, which constituted 84.8 per cent of total exports, expanded 13.1 per cent YoY to RM63.12 billion.
“Higher exports were recorded for almost all manufactured goods except for electrical and electronic (E&E) products as well as beverages and tobacco.
“The main contributors to the increase were iron and steel products, optical and scientific equipment, petroleum products, machinery, equipment and parts, wood products as well as processed food.”
Exports of mining goods declined by 3.0 per cent to RM5.63 billion, mainly due to lower exports of crude petroleum.
However, export of liquefied natural gas (LNG) was higher by 7.1 per cent.
MITI said exports of agriculture goods registered a double-digit growth of 15.8 per cent to RM5.19 billion mainly due to expansion in exports of palm oil and palm oil-based agriculture products.
Major exports in February 2020 include E&E products (RM25.11 billion), petroleum products (RM5.05 billion), chemicals and chemical products (RM4.3 billion), palm oil and palm oil-based agriculture products (RM3.56 billion) and achinery, equipment and parts (RM3.48 billion).
On a month-on-month (MoM) basis, MITI said exports of manufactured goods, mining goods and agriculture goods contracted by 11.1 per cent, 21.3 per cent and 3.6 per cent, respectively.
Over the last two months, exports of manufactured goods accelerated by 6.4 per cent to RM134.15 billion underpinned by higher exports of petroleum products, iron and steel products as well as optical and scientific equipment.
Exports of mining goods contracted by 13.4 per cent to RM12.78 billion mainly due to lower exports of LNG.
Meanwhile, exports of agriculture goods rose by 4.7 per cent to RM10.58 billion attributed to higher exports of palm oil and palm oil-based agriculture products.
MITI said trade with Asean in February 2020 expanded 10 per cent YoY to RM36.17 billion, accounted for 26.5 per cent share of Malaysia’s total trade.
Exports to Asean in February 2020 valued at RM21.47 billion, surged by 14.6 per cent contributed by higher exports of petroleum products, iron and steel products, chemicals and chemical products as well as machinery, equipment and parts, while imports from Asean increased 3.9 per cent to RM14.7 billion, the agency noted.
MITI said significant export increases were recorded to Singapore (RM2.05 billion) for petroleum products, Indonesia (RM416.6 million) for chemicals and chemical products and the Philippines (RM404.6 million) for iron and steel products in February 2020.
Meanwhile, Malaysia’s total imports in February 2020 were higher by 11.3 per cent to RM61.83 billion from RM55.54 billion in February 2019.