Malaysia saw its exports grow nearly 2% in the first 11 months of 2015 and rise by over 6% in November 2015, as the export sector continued the recovery that started in June, according to the Ministry of International Trade and Industry (MITI).
January-November 2015 exports went up 1.9% year-on-year to MYR711.65 billion (US$162.73 billion), while imports for the period totaled MYR625.34 billion. This led to a trade surplus of MYR86.31 billion, a 17.3% surge compared to 2014.
Trade strengthened 1.1% to MYR1.337 trillion in January-November 2015 compared to the same period of 2014, MITI said. Growing commerce with China, the U.S., ASEAN, the EU, Turkey, India, and Taiwan propped up trade figures.
Meanwhile, exports in November 2015 increased by 6.3% year-on-year to MYR67.63 billion, while imports expanded by 9.1% to MYR57.39 billion to post a trade growth of 7.6% to MYR125.02 billion. The trade surplus valued at MYR10.23 billion decreased by 6.9%. This is the 217th consecutive month of trade surplus recorded since November 1997, the ministry said.
Overall exports in January-November 2015 were driven mainly by higher sales of manufactured goods, particularly electrical and electronic products (E&E) which cushioned the contraction in both agricultural and mining goods.
Exports of manufactured goods in the period grew by 6.5% or MYR34.88 billion to MYR569.89 billion, accounting for 80% of Malaysia’s total exports. Higher exports of E&E products, especially electronic integrated circuits as well as photosensitive semiconductor devices, prompted the leap.
During the first 11 months of 2015, exports of agricultural goods amounted to MYR61.72 billion, 2.7% lower than in the same period of 2014. This was mainly caused by smaller exports of palm oil and palm-based products, which decreased by MYR2.34 billion or 5.3% to MYR41.92 billion.
Exports of mining goods fell 20.2% to MYR75.85 billion due mainly to lower exports of liquefied natural gas and crude petroleum.
In November 2015, exports of manufactured goods also accelerated, bounding up by 9% to MYR54.03 billion. Exports of agricultural goods increased by 9.2% to MYR5.64 billion, while exports of mining goods declined by 11% to MYR7.6 billion.
On shipments to ASEAN in the first 11 months of 2015, these crept up by 2.4% or MYR4.59 billion to MYR199.77 billion, accounting for a share of 28% of Malaysia’s total exports. Exports inched up mainly on higher exports of E&E products, crude petroleum, machinery, appliances and parts, as well as chemicals and chemical products.
Trade with ASEAN expanded by 2.7% to MYR365.46 billion. Imports were higher by 3.1% to MYR165.69 billion, contributed largely by higher imports of E&E products, transport equipment as well as palm oil and palm-based products.
In November 2015, exports to ASEAN rose 6.2% to MYR19.01 billion, while imports surged by 19.3% to MYR15.8 billion compared with November 2014. This has resulted in a higher trade of MYR34.81 billion, an increase of 11.8%. Trade with ASEAN accounted for 27.8% of Malaysia’s total trade in November 2015. Main imports from the region were E&E products, petroleum products, as well as chemicals and chemical products.
Photo: Christian Junker
