November exports up 14.4% to RM83.5b, trade surplus at RM9.9b

PETALING JAYA: Malaysia's exports rose 14.4% to RM83.5 billion in November 2017 from RM73 billion a year ago, while imports rose 15.2% to RM73.6 billion from RM63.9 billion, according to the Statistics Department. 
The country's total trade in November 2017 rose 4.8% to RM157.1 billion on a year-on-year basis while the trade surplus increased RM835.3 million or 9.2% to RM9.9 billion from RM9.1 billion a year ago.
However, trade surplus declined RM493 million or 4.7% compared with the previous month.
In a statement today, the department said the main contributors to higher exports were electrical and electronic products, liquefied natural gas (LNG), timber and timber-based products, palm oil and palm oil-based products and refined petroleum products, all of which reported increases.
However, crude petroleum, which contributed 2.9% to total exports, fell 3.1% to RM2.4 billion due to the decrease in export volume. Natural rubber, which contributed 0.4% of total exports, also declined 5.7% to RM313.3 million due to the decrease in export volume. 
On a month-on-month basis, exports increased 1.5% to RM83.5 billion, from RM82.3 billion in October 2017, attributed by higher E&E products, LNG, as well as timber and timber-based products. 
Meanwhile, the growth in imports was attributed to higher imports of intermediate, capital and consumption goods which grew 13.8%, 12.2% and 6.6% respectively.
Based on data released by the department today, total trade stood at RM1.6 trillion for January till November last year, with China being the biggest trade partner making up 16.3% of the total trade, followed by Singapore at 12.9%.
Total exports for the eleven months stood at RM856 billion while total imports stood at RM766.1 billion. Total exports to Asean countries stood at RM251 billion while total imports from Asean countries came to RM197.6 billion.