Malaysia's July trade surplus at RM1.9b

Malaysia’s exports fell 7.7% year-on-year in February to RM52.46bil.

KUALA LUMPUR: Malaysia's exports in July contracted 5.3% to RM59.85 billion while imports were down 4.8% to RM57.94 billion, giving rise to a trade surplus of RM1.91 billion for the month.

"Overall, trade was lower by 5.1% to RM117.79 billion," the International Trade and Industry Ministry said in a statement on Wednesday.

Exports of manufactured goods declined 3.9% to RM48.75 billion, with electrical and electronics (E&E) products contracting by RM1.39 billion.

Higher exports, however, were recorded for optical and scientific equipment, rubber products, transport equipment, processed food, iron and steel products, as well as chemicals and chemical products.

Shipments of agricultural goods were valued at RM5.59 billion, down 10%, mainly due to lower exports of palm oil and natural rubber by 9.6% and 43.9%,  respectively.

"The reduction in the export of palm oil was due to lower volume, while natural rubber was due to lower average unit volume and volume," it said.

Exports of palm oil increased 7.7% in July versus the month before, contributed by higher volume of shipments.

Exports of mining goods decreased 14% to RM5.07 billion with lower exports of liquefied natural gas (LNG), attributed to lower average unit volume.

For the month, exports to Asean grew 4.7% to RM18.15 billion, boosted by crude petroleum, E&E products, petroleum products as well as metals. In contrast, imports from Asean fell 16.7% to RM12.92 billion, resulting in total trade with the bloc falling 5.4% to RM31.08 billion.

For the first seven months, Malaysia's trade surplus stood at RM43.7 billion compared with RM44.06 billion a year earlier. Total trade for the period expanded by a marginal 0.3% to RM821.8 billion, compared with RM819.04 billion in the corresponding 2015 period.

Expansion in trade was seen with the United States, South Korea, Asean, Turkey, Nigeria, Mexico and Bangladesh.

"In tandem with subdued external demand, exports grew by 0.3% or RM1.2 billion to RM432.75 billion, while imports increased by 0.4 per cent or RM1.55 billion to RM389.05 billion," it added. - Bernama