MALAYSIA experienced its highest trade surplus for October at RM22.12 bil, which is a double-digit growth of 25.9% year-on-year (yoy), the Ministry of International Trade and Industry reports the country’s exports reaching RM91.05 bil.
In a statement today, the ministry noted that the expansion was supported by higher exports to the United States, China, India and the United Kingdom.
Meanwhile, imports totalled to RM68.93 bil (6% decrease) while total trade is valued at RM159.98 bil, (2.5% contraction).
MITI also highlighted that the market for manufactured and agriculture goods contributed to the month’s export growth.
“Exports of manufactured goods in October 2020, which contributed to 87.8% of total exports, picked up by 2.5% yoy to RM79.94 bil, mainly due to higher exports of rubber and electrical and electronics (E&E) products,” it said.
Meanwhile, exports of agriculture goods surged by 28.7% to RM7.17 bil compared to October 2019, boosted mainly by higher shipments of palm oil and palm oil-based agriculture products.
However, Malaysia’s trade with ASEAN, which constitute RM41.15 bil (25.7%) of the country’s total trade, dropped by 10.4% compared to last year’s October.
“Exports dropped by 3.6 to RM25.73 bil owing mainly to lower exports of crude petroleum, petroleum products and manufactures of metal.
“The contraction, however, was moderated by higher exports of E&E products which increased by 18.5% or RM1.77 bil,” it said.
In addition, exports growth momentum to China continued, increasing by 4.9% to RM14.27 bil, mainly on higher exports of E&E products, iron and steel products, other manufactures (SSD), manufactures of metal, as well as rubber products.
Exports to the US recorded a double-digit growth for five consecutive months, expanding by 25.6% to RM11.23 bil in October 2020.
It said exports to the European Union continued to expand for two consecutive months, recording a 4.7% growth at RM7.77 bil, boosted by higher exports of rubber products, as well as palm oil and palm oil-based agriculture products.
Meanwhile, import in October 2020 contracted by 6% yoy to RM68.93 bil from RM73.29 bil in Oct 2019. – Nov 27, 2020
