Malaysia’s February exports jump 17.6%, the strongest y-o-y expansion since October 2018

TheEdge Mon, Mar 29, 2021 12:06pm - 1 month ago


KUALA LUMPUR (March 29): Malaysia’s exports jumped 17.6% year-on-year (y-o-y) to RM87.57 billion in February, the strongest y-o-y growth since October 2018, underpinned by higher shipments of electrical and electronic (E&E) products, rubber products and commodity-based products, the Ministry of International Trade and Industry (MITI) said today.

The ministry said in a statement Malaysia’s trade in February expanded 15.4% y-o-y to RM157.27 billion, while imports grew 12.7% to RM69.7 billion.

“The trade surplus surged 41.6% to RM17.86 billion,” it said.

Compared to January, it said, the trade surplus increased by 7.6%.

“Total trade, exports and imports were lower by 3.3%, 2.3% and 4.5% respectively,” it said.

In January to February, it said exports rose 11.7% to RM177.19 billion, compared to the same period of 2020, while imports leapt by 6.6% to RM142.73 billion and total trade expanded by 9.4% to RM319.92 billion.

The trade surplus surged by 39.8% to RM34.47 billion, it added.

It said February export growth was supported by an increase in global demand, notably for E&E products, mainly semiconductors, rubber products as well as commodity-based products, particularly petroleum products and palm oil.

It also said higher exports were seen to most major markets, namely ASEAN, China, the US, the European Union (EU), Japan and Hong Kong.

According to MITI, exports of manufactured goods, which contributed 86.6% of total exports, soared 20.1% y-o-y to RM75.83 billion in February, mainly driven by higher exports of E&E products, rubber products and petroleum products.

Meanwhile, exports of agricultural goods rose by 9.7% to RM5.69 billion, buoyed mainly by higher shipments of palm oil and palm oil-based agriculture products.

Exports of mining goods, however, contracted by 7.8% due to lower exports of liquefied natural gas (LNG) and crude petroleum.

Malaysia’s exports to ASEAN rose 13.7% to RM24.42 billion, owing to higher exports of E&E products and petroleum products.

Its exports to China also surged 35.8% to RM12.82 billion, underpinned by higher exports of E&E products, petroleum products and LNG.

Its exports to the US jumped 26% to RM9.99 billion as a result of higher exports of rubber products.

Its exports to the EU also expanded by 15.3% to RM7.74 billion, underpinned mainly by higher exports of rubber products.






Comments

Login to comment.