PUTRAJAYA: Malaysia’s trade surplus declined 24% year-on-year to RM7.6 billion in November 2018 as export growth moderated to 1.6% while imports expanded 5%, according to the Statistics Department.
Exports and imports stood at RM84.8 billion and RM77.2 billion, respectively.
Total trade, which was valued at RM162.0 billion, increased 3.2% from a year ago.
Export growth was due to higher exports to Taiwan (+RM1.1 billion), Vietnam (+RM938.5 million), Hong Kong (+RM876.8 million), Singapore (+RM872.2 million) and China (+RM435.3 million).
The main products that contributed to the expansion in exports were refined petroleum products (+RM2.2 billion), liquefied natural gas (LNG) (+RM953.0 million) and crude petroleum (+RM430.4 million).
However, a decline was recorded for palm oil and palm oil-based products (-RM1.3 billion), electrical & electronic products (-RM528.2 million), timber and timber-based products (-RM146.8 million), and natural rubber (-RM8.5 million).
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said re-exports was valued at RM15.9 billion registering an increase of 24.5% and accounted for 18.7% of total exports. Domestic exports declined 2.6% to RM68.9 billion.
Meanwhile, higher imports were mainly attributed to consumption goods (+RM59.0 million) and capital goods (+RM39.6 million). However, imports of intermediate goods declined RM137.5 million.