Posted on 09 Dec 2014
Malaysia recorded a trade surplus of RM62.83 billion for the first 10 months of 2014, with total trade expanding 6.6 per cent to RM1.21 trillion from the corresponding period in 2013, said the Ministry of International Trade and Industry (Miti).
Malaysia's exports grew by 7.3 per cent to RM634.75 billion while imports rose by 5.9 per cent to RM571.92 billion.
The three main categories of imports by end use were intermediate goods valued at RM343.38 billion or 60 per cent of total imports; capital goods worth RM78.64 billion or 13.7 per cent of total imports; and consumption goods valued at RM41.69 billion or 7.3 per cent of total imports.
Meanwhile, the growth in exports was supported by major markets namely, Asean, the European Union (EU), Hong Kong, India, Australia, the United States (US), Taiwan and Japan with all sectors registering growth, said Miti in a statement today.
It said trade with the Free Trade Agreement (FTA) partner countries expanded by 4.6 per cent to RM753.35 billion, with exports rising by 5.9 per cent to RM406.79 billion and imports increased by 3.2 per cent to RM346.55 billion.
Trade with Asean continued to be positive, growing by 4.4 per cent for the first 10 months of the year to RM324.68 billion, making up 28 per cent of Malaysia's total exports, it said.
"Almost 90 per cent of exports to Asean comprised manufactured goods such as petroleum products, crude petroleum, chemicals and chemical products, palm oil (crude palm oil, fractionated palm oil, palm kernel oil, olein and stearin) as well as optical and scientific equipment," it said.
Malaysia's total trade with China for the first 10 months grew by 3.3 per cent to RM169.71 billion but the export decreased by 2.2 per cent or RM1.7 billion, attributed by lower exports of manufactures of metal, palm oil, chemicals and chemical products as well as rubber products.
However, Miti said exports of electrical and electronic (E&E) products and petroleum products expanded by RM2.2 billion and RM1.88 billion, respectively, adding contraction in exports was due to slower growth of China's economy and domestic demand.
Imports from China had also increased by 8.2 per cent to RM94.69 billion due to higher imports of optical and scientific equipment, E&E products as well as iron and steel products.
Exports to Japan improved by 4.3 per cent to RM68.16 billion while imports decreased by 2.6 per cent to RM46.04 billion resulting in a total trade of RM114.2 billion, a growth of 1.4 per cent from the same period in 2013.
Strong demand from the manufacturing sector in several countries in the EU continued to support exports to the region with trade rising 5.9 per cent to RM118.46 billion while exports registered a double-digit growth of 10.9 per cent to RM60.05 billion.
Miti said continuous demand from the electronics industry saw exports to the US expanding by 8.8 per cent to RM52.75 billion while imports increased by 3.5 per cent to RM43.49 billion, resulting in a total trade of RM96.24 billion, an increase of 6.3 per cent.
Malaysia's top 10 export destinations are Singapore, valued at RM90.40 billion, China (RM75.02 billion), Japan (RM68.16 billion), the US (RM52.75 billion), Thailand (RM33.34 billion), Hong Kong (RM30.83 billion), Australia (RM27.89 billion), Indonesia (RM26.80 billion), India (RM.56 billion) and South Korea (RM23.10 billion).
Miti said for October 2014, total trade increased by 2.6 per cent to RM128.99 billion with trade surplus of RM1.19 billion recorded for the month.
Year-on year comparison showed exports declining for the first time since July 2013, at 3.1 per cent or RM2.1 billion to RM65.09 billion, while imports for the month increased by 9.1 per cent to RM63.90 billion.
The decline in exports was due to the high base effect, whereby the export in October 2013, at RM67.19 billion, was the highest monthly export ever recorded, said Miti.-- Bernama
