KUALA LUMPUR: Malaysia’s total trade rose 4.2 per cent to RM106.09 billion in February from the RM101.78 billion recorded in the same month in 2015 and on the back of a rebound in export growth in the month under review.
The International Trade and Industry Ministry (Miti) said Malaysia’s export growth in February rebounded by 6.7 per cent or RM3.55 billion to RM56.72 billion, after posting a negative growth of 2.8 per cent year-on-year in January.
“Imports increased by 1.6 per cent to RM49.37 billion from RM48.61 billion recorded in February 2015,” it said in a statement. The ministry said the trade surplus widened to RM7.35 billion in February from RM5.39 billion in the previous month, making it the 220th consecutive month of trade surplus since November 1997.
“Increases in trade were recorded with the United States (US) which rose to RM2.21 billion, ASEAN (+RM1.9 billion), China (+RM829.6 million), the South Korea (+RM637.3 million), the European Union (EU) (+RM447.7 million), Hong Kong (+RM433.3 million) and Turkey (+RM320 million),” it added.
Exports of manufactured goods in February 2016 grew by 11.5 per cent or RM4.77 billion to RM46.22 billion, with higher exports recorded for all manufactured sub-sectors, except for petroleum products as well as iron and steel.
“The higher exports was driven mainly by increased exports of electrical and electronic (E&E) products especially parts and accessories for office machines as well as photosensitive semi-conductor devices.“Other manufactured products which registered significant increases were manufacture of metal, machinery, equipment and parts, chemicals and chemical products, transport equipment, as well as optical and scientific equipment,” Miti said.
Meanwhile, Miti also said exports of agricultural goods in February also expanded by 7.9 per cent to RM4.49 billion, attributed mainly to higher exports of palm oil and palm-based products which expanded by 6.6 per cent or RM181.4 million to RM2.93 billion.
“Exports of palm oil in February amounted to RM2.47 billion, an increase of 4.4 per cent or RM104 million, contributed mainly by higher export volume,” it added. Exports of mining goods, however, decreased 21.7 per cent to RM5.64 billion, due mainly to lower exports of liquefied natural gas (LNG) and crude petroleum.
Miti said lower exports of both LNG and crude petroleum were caused by contraction in the Average Unit Value (AUV). During the first two months of 2016, total trade increased by 2.0 per cent to RM224.4 billion from the corresponding period of 2015. Exports grew by 1.5 per cent to RM118.57 billion and imports rose 2.5 per cent to RM105.83 billion, resulting in a trade surplus of RM12.74 billion.
