KUALA LUMPUR: Malaysia’s total trade in September 2020 expanded by 5.5 percent to RM 155.88 billion compared to that of September 2019.
The Ministry of International Trade and Industry (MITI) said increases in trade were recorded primarily with China, Hong Kong, the United States, the Netherlands, and Taiwan.
“Exports rebounded by a double-digit growth of 13.6 percent to RM 88.93 billion, the highest export value ever recorded for the month of September 2020, while imports decreased by 3.6 percent to RM 66.96 billion,” it said in a statement, today.
Furthermore, MITI said exports of manufactured and agriculture goods also registered a double-digit growth in September 2020.
“Exports of manufactured goods in September 2020, which made up 87.7 percent of total exports, picked up by 16.3 percent year-on-year (y-o-y) to RM 77.99 billion.
“The expansion was due mainly to higher shipments of electrical and electronics (E&E) products, rubber products, other manufactures, especially solid-state storage devices (SSD), iron and steel products, as well as optical and scientific equipment,” it said.
It said exports of agriculture goods surged by 26.6 percent to RM 6.55 billion compared to September 2019, buoyed mainly by higher exports of palm oil and palm oil-based agriculture products.
MITI said E&E products also drove exports to ASEAN in September 2020, which contributed RM 38.79 billion, or 24.9 percent, to Malaysia’s total trade, registering a 0.5 percent increase from September 2019.
“Exports rebounded by 6.7 percent to RM 23.1 billion, backed mainly by higher exports of E&E products which increased by 47.8 percent or RM 3.2 billion,” it said.
Besides, robust export growth to China continued as it contributed 19.8 percent to Malaysia’s total trade in September 2020, recording an expansion of 21.5 percent y-o-y to RM 30.85 billion.
“Exports to China surged by 41.9 percent to RM 15.56 billion, mainly on higher exports of E&E products, iron and steel products, as well as palm oil and palm oil-based agriculture products,” it added.
MITI said exports to the US remained strong and posted a double-digit growth of 22.1 percent to RM 10.32 billion in September 2020 due to increases in exports primarily for rubber products, E&E products, wood products, machinery, equipment and parts, as well as other manufactures.
It added that exports to the EU rebounded with a double-digit growth of 28.6 percent to RM 8.63 billion, underpinned by higher exports of E&E products, rubber products, palm oil and palm oil-based agriculture products, as well as manufactures of metal.
Meanwhile, manufactured goods cushioned exports to Japan edged down by 11.3 percent to RM 4.76 billion, owing mainly to lower exports of liquefied natural gas (LNG).
“The contraction, however, was cushioned by higher exports of manufactured goods which improved by 1.6 percent to RM 3.67 billion,” it added. — Bernama
