Malaysia’s exports in November 2017 expanded 14.4% year-on-year to RM83.5 billion (US$20.92 billion), the highest monthly export value ever recorded after the RM82.62 billion registered in March 2017, boosted by higher demand for manufactured goods, the Ministry of International Trade and Industry (MITI) said.
Imports rose by 15.2% to RM73.55 billion, leading to a trade surplus of RM9.95 billion, the 241st consecutive month of trade surplus since November 1997, MITI said.
Total trade in November 2017 surged by 14.8% to RM157.05 billion compared with the year before. The growth was mainly buoyed by trade with the Association of Southeast Asian Nations (ASEAN), EU, China, Hong Kong, South Korea, U.S., and Taiwan.
Exports of manufactured goods in November 2017 increased by 18.2% or RM10.63 billion year-on-year to RM68.98 billion, accounting for 82.6% of Malaysia’s total exports, said MITI.
The expansion was buoyed by higher exports of electrical and electronic products and chemicals and chemical products, collectively contributing 55% to the total manufactured exports. All subsectors registered growth in exports except for processed food and jewelry.
Exports for mining and agriculture goods, however, fell 0.9% and 2.5%, respectively, in November 2017.
Trade with ASEAN rose by 21.9% to RM44.22 billion, compared with November 2016, accounting for 28.2% of Malaysia’s total trade. Exports increased by 18.3% to RM24.72 billion with all main sectors posting double-digit growth.
Strong export performance was seen for E&E products which increased by 30.3%. Other products that registered increases were chemicals and chemical products, transport equipment, palm oil and palm oil-based agricultural products as well as machinery, equipment, and parts.
Imports from ASEAN surged by 26.7% to RM19.5 billion.
Exports to the EU and U.S. rose 12.4% and 13.4%, respectively. Malaysia’s export growth to China also remained resilient at 3.3%.
Meanwhile, total trade for the first 11 months of 2017 amounted to RM1.622 trillion, growing by 20.8% compared with the same period of 2016. Exports totaled RM856.05 billion, a surge of 20.4%, while imports stood at RM766.07 billion, rising by 21.2%. A trade surplus of RM89.98 billion was recorded, higher by 13.6% compared to the corresponding period of 2016.
The total value of trade, exports, imports, and trade balance for the first 11 months of 2017 had surpassed that of the whole of 2016, respectively, according to the ministry.
Exports of manufactured goods expanded by 20.3% to RM703.08 billion compared with the corresponding period of 2016. Exports of mining goods rose by 25.6% while exports of agriculture goods rose by 13%.
Trade with ASEAN in the first 11 months of 2017 continued its strong momentum with an expansion of 22.9% to RM448.65 billion compared to the same period in 2016. Exports to this region rose by 19.9% to RM251.04 billion, with all markets registering growth except for Lao PDR.
Photo: Craig
