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KUALA LUMPUR: Malaysia’s trade surplus in August 2020 recorded double-digit growth of 19.7 percent to RM13.23 billion compared to the same month in 2019, and exceeded RM10 billion for the seventh time this year, it said the Ministry of International Trade and Industry (Miti).
Exports for the month under review fell 2.9 percent to RM 79.14 billion, while imports fell 6.5 percent to RM 65.92 billion, it said.
“Total trade decreased 4.6 percent to RM145.06 billion compared to August last year.
“There was less trade in particular with Thailand, Bangladesh, Indonesia and Japan, while there was more trade with the United States (US), China and Saudi Arabia,” Miti said in a statement today.
On a monthly (month-on-month) basis, he said that total trade, exports and imports contracted by 9.3 percent, 14.5 percent and 2.2 percent, respectively, and the trade surplus fell by a 47.5 percent.
During the first eight months of 2020, the trade surplus increased by 2.9 percent to RM102.98 billion compared to August 2019.
“Total trade was valued at RM1.138 trillion, a decrease of 6.5 percent mainly due to lower trade with Thailand, Singapore, India and Japan.
“However, there was more trade with South Korea, the United States, Bahrain and China. Exports during the period totaled RM620.64 billion, down 5.8 percent, while imports contracted 7.3 percent to RM517.66 billion, ”he said.
The ministry said that exports of manufactured goods in August 2020, which accounted for RM68.57 billion or 86.6 percent of total exports, fell marginally by 0.1 percent year-on-year (year-on-year).
This was mainly due to lower exports of metal and chemical manufactures and chemical products, however, the contraction was offset by higher exports of electrical and electronic products (E&E) and rubber products, it said.
Exports of agricultural products (7.2% share) were valued at RM 5.71 billion, a decrease of 4.5% year-on-year, mainly due to lower exports of sawnwood and trim, as well as natural rubber, while Palm oil and palm oil exports – basic agricultural products recorded an increase.
Exports of mining goods (5.8% share) amounted to RM 4.55 billion, a decrease of 25.9% year-on-year, mainly due to lower exports of liquefied natural gas (LNG).
On trade performance with major markets, Miti said that trade with Asean in August 2020, which contributed RM35.64 billion or 24.6 percent to Malaysia’s total trade, fell 10.4 percent compared to August of the year. past.
“Exports amounted to RM21.09 billion, down eight percent due to lower exports of crude oil, metal manufactures, chemicals and chemicals, as well as machinery, equipment and parts. However, there was growth in exports of E&E products and petroleum products.
“Asran’s imports fell 13.7 percent to RM14.55 billion,” he said.
Expanding exports to Asean markets included Singapore, which increased by RM 90.4 million due to increased exports of E&E products, Myanmar (up to RM 40.3 million in chemicals and chemicals) and Laos improved by RM 0.7 million due to exports of textiles, apparel and footwear.
In monthly terms, trade, exports and imports registered a contraction of 13 percent, 17.7 percent and 5.3 percent, respectively.
Trade with China in August 2020 increased 4.3 percent year-on-year to RM27.7 billion, contributing to 19.1 percent of Malaysia’s total trade.
“Exports to China maintained double-digit growth for three consecutive months, increasing 20.9 percent to RM13.97 billion.
“This was mainly driven by higher exports of E&E products, iron and steel products, as well as other manufactures, mainly solid state storage devices (SSD).
However, imports from China were down 8.5 percent to RM13.73 billion, “said Miti.
Compared with July 2020, the ministry said that trade, exports and imports contracted by 5.9 percent, 10.3 percent and one percent, respectively.
On trade with the US, he said in August 2020, trade grew 8.2 percent year-on-year to RM 15.63 billion, accounting for 10.8 percent of Malaysia’s total trade.
Exports to the US continued to expand for three consecutive months, posting double-digit growth of 13.6 percent to RM9.46 billion driven mainly by the expansion of manufactured exports.
“There was a greater demand for manufactured products, especially rubber products, wood products, optical and scientific equipment, machinery, equipment and parts, as well as other manufactures (SSD).
“Imports from the US, Miti noted, also expanded by 0.9 percent to RM6.17 billion,” he said.
Compared with July 2020, trade, exports and imports contracted by 10.6 percent, 15.3 percent and 2.3 percent, respectively, it noted.
Turning to the European Union (EU), total trade, which made up 8.2 percent of Malaysia’s total trade in August 2020, decreased 9.1 percent year-on-year to RM11.93 billion.
“Exports totaled RM6.96 billion, a decrease of 4.3 percent, mainly supported by lower exports of E&E products, as well as metal manufactures.
“There were increases in exports of rubber products, as well as palm oil and agricultural products based on palm oil.
“EU imports fell 15 percent to RM4.97 billion,” he said.
Among the top ten EU markets, which accounted for 90.7% of Malaysia’s total exports to the region, exports to seven countries recorded growth, namely Germany, Italy, Spain, Slovenia, Czech Republic, Poland and Hungary.
In monthly terms, trade and exports contracted 4.5% and 9.8% respectively, while imports increased 4.1%, Miti said.
Meanwhile, trade with Japan in the month under review, which accounted for 6.4 percent of Malaysia’s total trade, fell 10.5 percent year-on-year to RM9.23 billion.
Exports fell 13.8 percent to RM 4.31 billion after lower exports of LNG and metal manufactures, while Japan’s imports fell 7.2 percent to RM 4.92 billion.
“There was growth in exports of crude oil, optical and scientific equipment, rubber products, as well as palm oil and palm oil-based agricultural products,” he said.
On a monthly basis, trade and exports decreased 6.7 percent and 17 percent, respectively, while imports increased 4.7 percent.
As for trade with Free Trade Agreement (FTA) partners, which accounted for 65.3 percent of Malaysia’s total trade, MITI said it saw a 5.5 percent decline year-on-year to $ 94.77 billion. of ringgit.
Total imports in August 2020 contracted 6.5 percent year-on-year to RM 65.92 billion from RM 70.46 billion in August 2019.
The top three categories of imports by end use, accounting for 75.9 percent of total imports, were intermediate goods valued at RM36.86 billion, capital goods valued at RM6.81 billion, and consumer goods valued at RM6 .39 billion.Called
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