Malaysia’s exports rebound in September

Malaysia’s exports rebounded by 6.7% in September 2018 to RM83 billion year-on-year (y-o-y) after a slight decrease in the previous month, according to Statistics Department. Total trade which was valued at RM150.8 billion increased RM3.3 billion or 2.3% in September 2018, chief statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said in a statement.

Mohd Uzir said the trade surplus recorded the highest value since October 2008 at RM15.3 billion, increased RM7.1 billion or 85.9% from a year ago.

Re-exports was valued at RM16.5 billion registering an increase of 26.2% y-o-y and accounted for 19.9% of total exports, while domestic exports increased 2.7% or RM1.8 billion to RM66.5 billion.

The export growth was contributed by expansion in exports to Hong Kong, Taiwan, Singapore, Australia and Republic of Korea. Meanwhile, lower imports were mainly from India, Republic of Korea, Vietnam, UAE and EU.

The main products which contributed to the expansion in exports were electrical & electronic products, refined petroleum products, crude petroleum and liquefied natural gas (LNG).

However, the department said decline was recorded for palm oil and palm oil-based products, timber and timber-based products and natural rubber.

For imports, the lower in imports by ‘end use’ was mainly attributed to intermediate goods, capital goods, and consumption goods, it added.