KUALA LUMPUR: Malaysia's exports increased 3.1 per cent year-on-year (YoY) to RM92.53 billion in July, from RM89.76 billion recorded in the same month in 2019, according to International Trade and Industry Ministry.
The ministry said the country's exports in July were the highest value ever recorded for the month and second highest export value ever registered, after RM97.12 billion recorded in October 2018.
However, imports dropped 8.7 per cent to RM67.38 billion in July.
This helps trade surplus to expand 57.5 per cent to RM25.15 billion from RM15.97 billion in July 2019.
Overall trade eased 2.2 per cent YoY to RM159.92 billion during the month, with lower figures recorded with Australia, Thailand, Korea, Indonesia and Japan, among others.
A higher trade was registered with the United States (US), India, Bahrain, China, Taiwan, Singapore and Hong Kong.
On a month-on-month (MoM) basis, total trade, exports and imports recorded growth of 10.4 per cent, 11.7 per cent and 8.7 per cent respectively while trade surplus grew 20.6 per cent.
For the first seven months of 2020, Malaysia's total trade contracted 6.8 per cent to RM993.22 billion.
Exports during the period amounted to RM541.47 billion, or 6.2 per cent lower, while imports totalled RM451.75 billion with a contraction of 7.4 per cent.
Trade surplus expanded 0.8 per cent to RM89.72 billion during the seven months.
Major exports in July included electrical and electronic (E&E), constituting 42.7 per cent of the total exports; petroleum (6.5 per cent), palm oil and palm oil-based agriculture products (5.1 per cent), optical and scientific equipment (4.5 per cent) and rubber products (4.3 per cent.)
Exports for E&E products in July increased 9.2 per cent YoY to RM39.54 billion, petroleum products (RM5.97 billion) or 7.1 per cent lower; palm oil and palm oil-based agriculture products (RM4.76 billion) or 52 per cent higher, optical and scientific equipment (RM4.15 billion) or 9.9 per cent higher, while rubber products (RM4.01 billion) or 93.9 per cent higher.
From January to July 2020, the ministry said exports of manufactured goods had contracted 4.2 per cent to RM464.78 billion.
This was attributed to lower exports of E&E products, chemicals and chemical products, manufactures of metal as well as petroleum products.
However, higher demand was recorded for rubber products, other manufactures (SSD), transport equipment, iron and steel products as well as optical and scientific equipment.
Exports of agriculture goods grew 0.04 per cent to RM38.25 billion mainly on higher exports of palm oil and palm oil-based agriculture products, while exports of mining goods declined 27.4 per cent to RM35.91 billion due to lower exports of liquefied natural gas (LNG) and crude petroleum.
Malaysia's trade with Asean in July accounted for RM40.95 billion or 25.6 per cent to the total trade, shrinking 5.1 per cent compared to July 2019.
However, exports increased 0.1 per cent to RM25.58 billion, buoyed mainly by higher exports of E&E products and imports from Asean decreased 12.6 per cent to RM15.36 billion.
Exports to markets in Asean that recorded expansion include Singapore, which increased by RM474.2 million due to higher exports of E&E products, the Philippines (RM244.4 million, petroleum products) and Brunei (RM138.2 million, crude petroleum).
During the first seven months of 2020, trade with Asean was valued at RM250.25 billion, slipped by 12.1 per cent compared to the same period of 2019.
Exports to this region contracted 7.9 per cent to RM153.79 billion due to lower exports of crude petroleum, manufactures of metal as well as E&E products.
However, increases in exports were recorded for transport equipment, other manufactures (SSD) and palm oil and palm oil-based agriculture products.
Imports fell by 18 per cent to RM96.47 billion.