Malaysia’s June exports rise 7.6% year-on-year

Malaysia’s exports in June 2018 was valued at RM78.7 billion increasing by 7.6% year-on-year (y-o-y), a reversal of the trend of the five previous months where export growth was stronger than imports, according to Statistics Department.

Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said in a statement that re-exports increased 63.1% to RM15.7 billion y-o-y and accounted for 20% of total exports.

However, he said that domestic exports was lower by 0.8% decreasing RM512.5 million to RM62.9 billion.

Meanwhile, the department said imports growth registered a higher increase of 14.9% y-o-y to RM72.6 billion resulting a trade surplus of RM6 billion.

Total trade which was valued at RM151.3 billion increased RM15 billion or 11% from June 2017, it noted.

It said the export growth was contributed by expansion in exports to Hong Kong, China, Taiwan, Vietnam and Republic of Korea, while higher imports were mainly from China, Singapore, Taiwan, Republic of Korea and Saudi Arabia.

The department said main products which contributed to the increase in exports were electrical and electronic products, refined petroleum products and crude petroleum.

However, it said declines were recorded for these products; palm oil and palm oil-based products, liquefied natural gas (LNG), natural rubber, and timber and timber-based products,” it added.

“While for imports, all the main categories of imports by end use and broad economic category classifications (BEC) recorded increases from a year ago, namely intermediate goods (RM1.2 billion), capital goods and cosumption goods,” it added.