PETALING JAYA: Malaysia’s exports grew at a faster pace of 2.5% year-on-year (yoy) to RM84.1 billion in May from 1.1% increase in April 2019, but was lower than market expectation of 3.5% to 4%.
The expansion in exports was due to higher exports of palm oil and its related products.
Imports registered an increase of 1.4% yoy to RM75.1 billion.
Trade surplus widened 11.9% yoy to RM9.1 billion, but it it shrank 16% as compared with the previous month, according to the Department of Statistics.
Meanwhile, total trade grew 2% yoy to RM159.2 billion, but it was down 0.2% against April 2019.
The main products which attributed to the expansion were palm oil and palm oil-based products (+7.6% to RM6.2 billion); timber and timber-based products (+15% to RM2 billion); electrical and electronic products (+0.5% to RM29.3 billion); and natural rubber (+5.3% to RM352.5 million).
However, decreases were recorded for refined petroleum products (-15.5% to RM6 billion); crude petroleum (-20% to RM2.5 billion); and liquefied natural gas (-5.2% to RM3 billion).
The two major destinations for Malaysia’s exports in May 2019 were Singapore (RM11.4 billion) and China (RM11.3 billion).
Domestic exports rose 8.8% yoy to RM71.6 billion, while re-exports declined 23.1% to RM12.5 billion.
