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KUALA LUMPUR: Malaysia’s trade surplus increased 151.6 percent year-on-year (on-year) to RM16.82 billion last month, the highest surplus ever recorded for the month of November.
The Ministry of Industry and International Trade (MITI) said that exports rose 4.3 percent to RM 84.43 billion compared to the same month last year, marking three consecutive months of year-on-year growth.
Meanwhile, imports fell by nine percent to RM 67.61 billion and total trade fell by two percent to RM 152.04 billion, it said today in a statement.
During the first 11 months of 2020, the total trade surplus registered double digit growth of 23.1 percent to RM163.86 billion compared to the same period in 2019.
“Total trade was valued at RM1.606 trillion, a decrease of 4.6 percent. Exports stood at RM 885.02 billion, contracting by 2.6 percent, while imports decreased by seven percent to RM 721.16 billion, ”MITI said.
Compared to October 2020, total trade, exports, imports and the trade surplus decreased by 5%, 7.3%, 1.9% and 24%, respectively.
On the better export performance for November, MITI said this was mainly supported by higher exports to the United States (US), Singapore, China and Hong Kong.
Manufactured goods exports contributed 88.1 percent of total exports that month, increasing 8.1 percent year-on-year to RM 74.34 billion.
“The growth was mainly driven by higher exports of electrical and electronic products (E&E), as well as rubber products,” he said.
He noted that rubber product exports posted a resilient performance with 13 consecutive months of growth.
Higher exports were also recorded for other manufactures, especially solid state storage devices (SSD), wood products, as well as optical, scientific and equipment.
Meanwhile, exports of agricultural products (6.7 percent share) increased by six percent to RM5.65 billion compared to the previous year, mainly driven by higher exports of palm oil and oil-based agricultural products. Palm.
Exports of mining goods (4.9% share) contracted 34.6% year-on-year to RM 4.15 billion following lower exports of liquefied natural gas, crude oil and oil condensates and other petroleum oils.
Trade with ASEAN, which accounted for RM38.77 billion or 25.5 percent of Malaysia’s total trade last month, was down 7.2 percent compared to November 2019.
Exports fell 2.2 percent to RM23.46 billion due to lower exports of petroleum products, iron and steel products, as well as machinery, equipment and parts.
“Exports of E&E products, which increased 36.6 percent or 2.6 billion ringgit, cushioned the decline,” MITI said.
Meanwhile, ASEAN imports fell 13.9 percent to RM15.31 billion.
Exports to China registered a double-digit expansion from 13.2 percent to RM14.23 billion, mainly thanks to increased exports of E&E products.
MITI said exports to the US posted double-digit growth for the sixth consecutive month in November, increasing 24.6 percent to RM9.76 billion thanks to growth in exports of rubber, E&E and products. of wood. In contrast, imports contracted by 11.1 percent to RM5.66 billion.
Meanwhile, exports to the European Union continued to rise for the third month in a row, rising 7.1 percent to RM 6.89 billion, mainly contributed by stronger exports of rubber products. Imports, however, fell by 18.2 percent to RM 4.75 billion.
The ministry said that exports to Japan recovered in November after four consecutive months of year-on-year contraction. Exports increased 3.5 percent to RM 5.26 billion, while imports fell 3.4 percent to RM 5.44 billion.
“The (export) growth was mainly contributed by higher exports of rubber products, E&E products, crude oil, palm oil and palm oil-based agricultural products, as well as optical and scientific equipment,” he said.
Exports to Free Trade Agreement (FTA) partners amounted to RM58.04 billion, an increase of 3.6%, as higher exports were recorded to Turkey (up 26.2%), followed by Pakistan (17.9%) New Zealand (12.4%). ), Chile (82.2%) and India (1.1%).
NAFTA partners’ imports contracted 9.2 percent to RM 44.73 billion.Called
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