KUALA LUMPUR: Malaysia’s trade in February rose by 11 per cent to RM107.39 billion compared to the same month last year, spurred by higher growth in exports versus imports.
Higher trade was recorded with Singapore, which increased RM2.28 billion, China (RM1.73 billion), Japan (RM1.2 billion), Saudi Arabia (RM919.1 million), Taiwan (RM793.8 million), Germany (RM760.6 million), the United Arab Emirates (RM742.5 million) and the US (RM726.7 million).
Exports to Asean countries were up 5.7 per cent to RM15.97 billion, accounting for 27.1 per cent of Malaysia’s total exports in February, the International Trade and Industry Ministry (Miti) said in a statement.
The ministry said exports to the US increased 8.4 per cent to RM4.53 billion in February.
Higher exports to US were mainly contributed by electrical and electronics (E&E) products mainly telecommunications equipment and parts as well as chemicals and chemical products.
The ministry said exports in February expanded 12.3 per cent year-on-year (y-o-y) to RM58.91 billion. Imports went up 9.5 per cent to RM48.48 billion in February, comprising mainly intermediate goods, which increased by 9.4 per cent or RM2.38 billion.
MITI said trade surplus grew by 27.2 per cent to RM10.44 billion in February.
Malaysia’s trade betweem January and February was worth RM228.98 billion, up 10.4 per cent from the same period last year, Miti said.
In the two months, exports rose by 12.3 per cent to RM122.89 billion, while imports expanded by 8.3 per cent to RM106.09 billion.
Miti said trade surplus of RM16.79 billion was recorded for the period.
Expansion in trade was recorded with China (up 14.2 per cent), Japan (10.1 per cent), the European Union (7.6 per cent), the US (7.1 per cent) and Asean (1.7 per cent), the ministry said.
Other countries which registered expansion in trade with Malaysia were Australia (up by 29.5 per cent), Hong Kong (33.9 per cent), the United Arab Emirates (35.2 per cent), Taiwan (18.4 per cent) and South Korea (12.8 per cent).
Trade with Asean was valued at RM61.49 billion in the Jan to Feb period, accounting for 26.9 per cent of Malaysia’s total trade with the 10-member regional grouping during the period as compared with 29.1 per cent in the same period last year.
Trade with the US grew by 7.1 per cent to RM17.6 billion in the first two months of this year.
Miti said exports of manufactured goods between January and February increased 15.5 per cent to RM81.18 billion, accounting for 66.1 per cent of total exports, mainly due to higher exports of E&E products, by 16.2 per cent.
In the same period, total imports increased 8.3 per cent to RM106.09 billion, said MITI.
The ministry said three main categories of imports for end-use were intermediate goods, capital goods and consumption goods.
Total imports from Asean in Jan to Feb amounted to RM28.31 billion, accounting for 26.7 per cent of Malaysia’s total imports for the period, the ministry added. — Bernama