KUALA LUMPUR: Malaysia’s total trade grew 14.8 per cent in January to RM135.77 billion from RM118.31 billion registered in the same month last year, said the Ministry of International Trade and Industry.
The expansion in trade was seen with China, Asean, Japan, United States (US), Taiwan, Australia and the European Union (EU).
Exports posted a double-digit growth of 13.6 per cent to RM70.24 billion, the highest monthly export value ever recorded in January, surpassing RM64.05 billion registered in January 2014.
Imports expanded 16.1 per cent to RM65.53 billion, it said.
“A trade balance of RM4.71 billion was recorded in January 2017 making it the 231st consecutive month of trade surplus recorded since November 1997,” the ministry said in a statement.
Exports of manufactured goods for January grew 12.2 per cent, especially that of petroleum products, to RM56.77 billion, accounting for 80.8 per cent of Malaysia s total exports.
“Exports of petroleum products surged by 81.7 per cent to RM6.09 billion, contributed mainly by exports of refined petroleum products,” it said.
The ministry also said electrical and electronic (E&E) products, chemicals and chemical products (alcohols, phenols and their derivatives), rubber products, manufactures of metal, iron and steel products and transport equipment also recorded an increase in exports.
Exports of mining goods expanded for the second straight month by 18.8 per cent to RM6.68 billion, after recording a growth of 6.4 per cent in December last year, and exports of agricultural goods rose 16.1 per cent to RM6.12 billion.
The ministry said higher trade was recorded with ASEAN which grew 12.6 per cent to RM36.99 billion, with exports to the region expanding by 13.9 per cent to RM20.94 billion and imports increased 10.9 per cent to RM16.05 billion.
Trade with China rose by 28.2 per cent to RM23.34 billion, EU expanded by 9.7 per cent to RM12.87 billion, Japan perked 17.8 per cent to RM11.39 billion and the US increased 15.3 per cent to RM12.44 billion.
It said trade with free trade agreement (FTA) partners was valued at RM86.65 billion accounting for 63.8 per cent of Malaysia’s total trade.
Among the country’s FTA partners, exports to Australia jumped 43.5 per cent to RM3.12 billion, contributed mainly by higher exports of petroleum products while exports to Turkey surged 29.3 per cent to RM751.8 million, driven mainly by higher exports of manufactures of metal. — Bernama