PETALING JAYA: Malaysia’s exports increased 3.1% year-on-year (y-o-y) to RM92.5 billion in July 2020, marking the second highest export value ever registered, after RM97.1 billion posted in October 2018.
Chief statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said July’s export growth represents two consecutive months of growth.
Re-exports was valued at RM20.8 billion registering an increase of 15.6% y-o-y and accounted for 22.5% of total exports. Domestic exports decreased marginally by 0.1% to RM71.7 billion.
“In contrast, imports valued at RM67.4 billion, declined by 8.7% y-o-y, resulting a trade surplus of RM25.1 billion, widened by 57.5% compared to July 2019. This was the largest trade surplus ever recorded thus far. Meanwhile, Malaysia’s total trade stood at RM159.9 billion, declined by 2.2% compared to the same month last year,“ Uzir said in a statement today.
The expansion in exports was attributed to higher exports to the US (+RM2.5 billion) and China (+RM1.9 billion). However, exports to the United Arab Emirates decreased by RM467.2 million.
Lower imports were mainly from Korea (-RM1.4 billion), China (-RM1.4 billion), the European Union (-RM1.2 billion) and Australia (-RM1.0 billion). However, imports from India registered an increase of RM889.7 million.
The main products which contributed to the expansion in exports were electrical and electronic products (+RM3.3 billion), rubber products (+RM1.9 billion) and palm oil and palm oil-based agriculture products (+RM1.6 billion). While decreases in imports were noted for transport equipment (-RM1.5 billion), chemical and chemical products (-RM1.4 billion), machinery, equipment and parts (-RM1.1 billion) and crude petroleum (-RM1.1 billion).
Meanwhile, the decrease in imports by end use was attributed to intermediate goods and capital goods. Imports of intermediate goods dropped by 17.3% or RM6.7 billion to RM32.2 billion. Capital goods declined by 19.7% or RM1.7 billion to RM6.7 billion. Imports of consumption goods registered an increase of 0.1% to RM6.4 billion.