KUALA LUMPUR: Malaysia recorded a trade surplus in July 2019 amounting to RM14.27 billion, up 75.6 percent from the same month of the previous year and marking the 261st consecutive month of trade surplus since November 1997.
Exports picked up by 1.7 percent year-on-year (Y-o-Y) to RM87.96 billion, mainly due to higher exports to Taiwan, the United States (US), China and Singapore, while imports contracted by 5.9 percent to RM73.69 billion.
“Total trade was valued at RM161.65 billion, a decline of 1.9 percent,” the Ministry of International Trade and Industry (Miti) said in a statement.
On a monthly basis, Miti said total trade, exports and imports registered double-digit growth of 14 percent, 15.5 percent and 12.3 percent respectively. The trade surplus rose by 35.8 percent.
In January-July, total trade stood at RM1.057 trillion, declining by 1.4 percent compared to the same period in 2018, with exports slipping 0.4 percent to RM569.46 billion and imports easing 2.6 percent to RM487.84 billion.
During the period, the trade surplus increased by 15.9 percent to RM81.62 billion, said Miti. Exports of manufactured goods in July 2019, which accounted for 86.1 percent of total exports, grew by 3.8 percent to RM75.7 billion.
“The expansion was contributed mainly by higher exports of electrical and electronics (E&E) products, iron and steel products, processed food, machinery, equipment and parts as well as transport equipment,” said Miti.
Mining goods (7.5 percent share) were valued at RM6.6 billion, declining by 11.6 percent on account of reduced exports of crude petroleum due to lower volume and average unit value (AUV).
Agriculture goods (5.7 percent share) totalled RM4.97 billion, down by 9.3 percent due to lower exports of palm oil and palm oil-based agriculture products, especially palm oil, which recorded a decline of 14.2 percent to RM2.59 billion following a lower AUV.
Compared to June 2019, exports of manufactured goods grew by 18.7 percent, agriculture goods increased 3.2 percent, but mining goods decreased by
5.2 percent.
Trade with Asean in July 2019, which made up 26.4 percent of Malaysia’s total trade, decreased by 3.7 percent Y-o-Y to RM42.72 billion.
Major markets that recorded expansion were Singapore, which increased by RM372.9 million due to higher exports of E&E products, Vietnam (RM191.5 million, manufactures of metal) and the Philippines (RM247.4 million, petroleum products).
In July 2019, trade with China (17.6 percent share of Malaysia’s total trade) increased marginally by 0.2 percent Y-o-Y with exports expanding 3.8 percent to RM13.34 billion on higher exports of manufactures of metal, petroleum products and LNG. Imports from the republic declined by 2.8 percent to RM15.16 billion. – Bernama
