KUALA LUMPUR (Sept 28): Malaysia’s exports grew by 18.4% year-on-year (y-o-y) to RM95.59 billion in August this year — the 12th consecutive month of y-o-y expansion since September 2020 — supported by both domestic exports and re-exports, latest data released by the Department of Statistics Malaysia (DOSM) showed.

Imports also expanded by 12.5% y-o-y to RM74.2 billion in August, leading to a trade surplus of RM21.39 billion, up 44.7% y-o-y.

The country’s trade rose 15.7% y-o-y to RM169.79 billion — the seventh consecutive month of double-digit growth since February 2021.

On a month-on-month (m-o-m) basis, however, exports, imports and trade declined by 1.8%, 11.2% and 6.1% respectively due to the slowdown in domestic economic activity, said DOSM.

In a statement on Tuesday, DOSM said the expansion in exports was driven by petroleum products (+RM2.6 billion), electrical and electronic (E&E) products (+RM2.2 billion), chemical and chemical products (+RM2.2 billion), manufacture of metal (+RM1.9 billion), liquefied natural gas (+RM1.9 billion), palm oil and palm oil-based agriculture products (+RM1.4 billion), and palm oil-based manufactured products (+RM1.1 billion).

Meanwhile, the rise in imports was noted for E&E products (+RM3.3 billion), chemical and chemical products (+RM2.1 billion), iron and steel products (+RM1.1 billion), and petroleum products (+RM1.0 billion).

Meanwhile, Malaysia’s exports to Asean climbed 25% y-o-y to RM26.4 billion in August, owing to higher exports of E&E products and petroleum products.

Exports to China for the month improved by 5.7% y-o-y to RM15.19 billion following higher exports of liquefied natural gas as well as chemicals and chemical products.

Malaysia's exports to the US also rebounded by 12.1% y-o-y to RM10.84 billion on higher exports of E&E products and rubber products as well as machinery, equipment and parts.

Exports to the EU grew by 6.4% y-o-y to RM7.68 billion following higher exports of palm oil and palm oil-based products, manufactures of metal as well as petroleum products, while that to Japan surged by 40.8% y-o-y to RM6.31 billion, due to higher exports of liquefied natural gas, manufactures of metal, crude petroleum, wood products as well as palm oil and palm oil-based agriculture products.