Malaysia registered surprising export growth in June, proving expectations of a contraction wrong, as shipments to key partners China, Taiwan, U.S, Hong Kong, and Indonesia expanded.
Exports for the month increased by 5% to MYR64.3 billion (US$16.3 billion), while imports eased 1.5% to MYR56.3 billion, giving a surplus of MYR7.9 billion, according to a statement by the Ministry of International Trade and Industry (MITI), as reported by Bernama, Malaysia’s national news agency.
Total trade in June grew by 1.9% to MYR120.54 billion compared with MYR118.35 billion recorded in the same month last year. It is also 4.5% higher than the MYR115.4 billion posted in May this year, said MITI.
During the month, higher exports were recorded with China, Taiwan, U.S, Hong Kong, and Indonesia.
In the first half of the year, total trade decreased by 2.9% to MYR694.98 billion, of which exports were down 3.1% to MYR368.33 billion, while imports declined 2.6% to MYR326.64 billion.
MITI said Malaysia’s export performance dipped in the first half of 2015 on weak global demand and subdued commodity prices. “This trend was in line with the trade performance of regional economies,” it said.
The ministry said trade with free trade agreement partners expanded 63% to MYR437.56 billion, with exports valued at MYR232.1 billion, while imports were worth MYR205.46 billion.
“Trade with Asean (Association of Southeast Asian Nations) fell 2.3 per cent to RM189.48 billion with exports and imports valued at RM103.84 billion and RM85.64 billion, respectively, accounting for a 27.3 per cent share of total trade,” it stated.
MITI said exports to Asean consisted largely of electrical and electronic products, crude petroleum, chemicals and chemicals products, as well as machinery, appliances and parts.
Photo: Craig
