KUALA LUMPUR: Malaysia’s exports surged to a record high in March, thanks to stronger demand for its manufactured goods and commodities, according to the country’s ministry of trade on Friday.
The ministry’s data showed that shipments in March grew 24% from a year earlier to 82.63 billion Ringgit ($19 billion), underpinned by higher demand for manufactured goods, which accounted for 81% of total exports. Of these, electrical and electronic products increased by 21% to 29.25 billion Ringgit.
Exports of mined goods, including crude petroleum and liquefied natural gas, grew by 36% on the year, due to higher average unit values that also pushed up shipments for palm oil and natural rubber.
Singapore was the biggest market for Malaysian exports, absorbing 11.74 billion Ringgit-worth of goods, an increase of 26% from March last year, followed by China at 10.96 billion Ringgit, the U.S. at 7.92 billion Ringgit and Japan at 6.91 billion Ringgit.
On a regional basis, exports to member countries of the Association of Southeast Asian Nations rose 25% on the year to 23.95 billion Ringgit, compared to those to the European Union, which came in at 8.61 billion Ringgit, a rise of 28%.
Meanwhile, March imports expanded by 39.4% to 77.22 billion Ringgit from a year ago, resulting in a trade surplus of 5.41 billion Ringgit. Imports of intermediate goods, which account for 55% of the total, grew by 36% to 43.07 billion Ringgit. China is the biggest source of Malaysia’s imports, followed by the U.S., Singapore and Japan.
In the first quarter of the year, exports grew by 21% to 224.7 billion Ringgit, while imports rose by 27% to 205.82 billion Ringgit. Demand for Malaysia’s electrical and electronic products, especially from China, will continue to prop up exports until June, analysts at Affin Hwang Capital said in a research note.
