Malaysian exports maintained double-digit growth for the fifth straight month in April 2017 since December 2016, according to the Ministry of International Trade and Industry (MITI).
Exports in April 2017 grew by 20.6% to MYR73.97 billion (US$17.34 billion) from April 2016 and imports expanded by 24.7% to MYR65.21 billion, resulting in a trade surplus of MYR8.75 billion, the 234th consecutive month of surplus since November 1997.
Malaysia’s total trade in April 2017 surged by 22.5% to MYR139.18 billion compared with the year before, supported by expansion in trade with ASEAN, China, Japan, India, the EU, and the U.S.
Month-on-month, Malaysia’s total trade, exports, and imports dropped by 12.9%, 10.5%, and 15.6%, respectively, due to the high base effect in March, said MITI.
Total trade for the first four months of 2017 was valued at MYR569.68 billion, growing by 23.8% compared with MYR460.02 billion recorded in the same period last year.
Exports for the four-month period totaled MYR298.65 billion, an increase of 21.2%, while imports rose by 26.9% to MYR271.03 billion. The trade surplus amounted to MYR27.62 billion.
Manufactured goods continued to lead exports in April, rising 17.3% to MYR60.48 billion, or an 81.8% share of Malaysia’s global shipments. Higher exports of electrical and electronic products, chemicals and chemical products, iron and steel products as well as rubber products led to stronger export performance.
Exports of mining goods expanded by 51.8% to MYR6.49 billion, contributing an 8.8% share of Malaysia’s total exports, spurred by higher exports of liquefied natural gas and crude petroleum.
Exports of agriculture goods, with an 8.5% share of Malaysia’s total exports, registered an increase of 20.9% to MYR6.3 billion. This was steered by higher exports of palm oil and palm oil-based agriculture products especially palm oil, as well as natural rubber.
In the first four months of 2017, exports of manufactured goods recorded the highest value increase of MYR38.48 billion or 18.9% to MYR241.95 billion. Higher exports were recorded for all manufactured subsectors except for jewelry, beverages, and tobacco as well as non-metallic mineral products.
Exports of mining and agriculture goods soared by 30.8% and 27.4%, respectively.
The country’s total trade with its ASEAN peers showed an upward trend for the sixth consecutive month, rising by 19.7% to MYR37.38 billion in April 2017.
Exports to ASEAN climbed by 14.9% to MYR21.13 billion and contributed 28.6% of Malaysia’s total exports. Imports from ASEAN rose by 26.6% to MYR16.25 billion.
In January-April 2017, trade with ASEAN surged by 23.6% to MYR155.86 billion compared with the same period in 2016. Exports to ASEAN grew by 21.6% to MYR87.56 billion, representing a 29.3% share of Malaysia’s total exports. Imports from ASEAN rose by 26.4% to MYR68.3 billion.
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