Friday, June 25

Trade in April expands 2.6 per cent to RM159.55 bln

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Exports expanded 7.2 per cent y-o-y to RM25.63 billion, boosted by higher exports of E&E products, petroleum products, iron and steel products, petroleum condensates, other petroleum oil as well as machinery, equipment and parts. — AFP photo

KUALA LUMPUR: Malaysia’s trade in April 2019 expanded by 2.6 per cent year-on-year (y-o-y) to RM159.55 billion compared with April 2018.

In a statement yesterday, Ministry of International Trade And Industry (MITI) said exports increased by 1.1 per cent to RM85.2 billion – the highest export value ever recorded for the month of April.

“Imports rose by 4.4 per cent to RM74.35 billion, while trade surplus decreased 16.6 per cent to RM10.86 billion, marking the 258th consecutive month of trade surplus since November 1997,” it said.

Trade with Asean, Australia, Saudi Arabia, Taiwan, the United States (US), Japan, India and China also increased during the month. Exports of manufactured goods – which accounted for 85.1 per cent of total exports – expanded by 2.7 per cent to RM72.49 billion, due to higher exports of electrical and electronic (E&E) products, petroleum products, optical and scientific equipment, iron and steel products as well as processed food.

“Exports of mining goods decreased 1.5 per cent to RM6.66 billion, mainly as a result of lower exports of crude petroleum due to lower volume,” it added.

Meanwhile, exports of liquefied natural gas (LNG) increased, due to an expansion in volume and Average Unit Value (AUV).

“Exports of agriculture goods fell by 9.3 per cent to RM5.45 billion on account of lower exports of palm oil and palm oil-based products.

“Palm oil exports decreased by 17.3 per cent to RM3.07 billion following lower volume and AUV,” said MITI.

As for trade partners, Malaysia’s trade with Asean in April 2019 grew by two per cent y-o-y to RM42.23 billion, accounting for 26.5 per cent of total trade.

Exports expanded 7.2 per cent y-o-y to RM25.63 billion, boosted by higher exports of E&E products, petroleum products (refined petroleum products), iron and steel products, petroleum condensates, other petroleum oil as well as machinery, equipment and parts.

However, imports from Asean contracted 5.1 per cent y-o-y to RM16.6 billion.

Trade with China rose by 1.4 per cent y-o-y to RM26.63 billion, accounting for 16.7 per cent of Malaysia’s total trade.

Imports was up by 8.8 per cent y-o-y to RM15.08 billion, but exports to the country fell by 6.9 per cent to RM11.55 billion, underpinned by lower exports of E&E products, petroleum products as well as metalliferous ores and metal scrap.

“However, exports for optical and scientific equipment, LNG, paper and pulp products, iron and steel products as well as processed food increased during the month,” it added.

On a month-on-month (m-o-m) basis, total trade, exports and imports increased by 3.8 per cent, 1.4 per cent and 6.7 per cent respectively, while trade surplus contracted 24.5 per cent.

For the first four months of 2019, total trade marginally decreased by 0.4 per cent y-o-y to RM594.72 billion, while exports amounted to RM321.26 billion, a decrease of 0.2 per cent y-o-y.

Imports also slipped by 0.7 per cent to RM273.45 billion, while trade surplus grew 3.1 per cent to RM47.81 billion during the period. “ — Bernama