When compared with September, exports increased RM1.2bil (+1.7%) from RM68bil.
KUALA LUMPUR: Malaysia's exports came in lower in October 2016 from a year ago due to the higher base effect but showed an increased from September, boosted by exports to China, Indonesia and South Korea.
The Statistics Department said on Wednesday exports fell RM6.5bil (-8.6%) to RM69.2bil. The decline was sharper than a forecast of a 5.6% decline.
“Re-exports in October 2016 was valued at RM10.1bil and accounted for 14.6% of total exports,” it said.
When compared with September, exports increased RM1.2bil (+1.7%) from RM68bil. In seasonally adjusted terms, exports dropped 1.1%. The increase was due to higher exports to China (+RM537.9mil), Indonesia (+RM423mil), South Korea (+RM411.6mil) and the European Union (+RM336.3mil).
It said imports fell RM4.2bil (-6.6%) to RM59.4bil from a year ago, which was much wider than a forecast of 0.1%.
When compared with September, imports declined RM1bil (-1.7%) from RM60.5bil. In seasonally adjusted terms, imports dropped 5.8%.
Imports fell on-month mainly due to decreased imports from China (-RM764.2mil), India (-RM692.5mil), Saudi Arabia (-RM310.6mil) and Taiwan (-RM285.0mil).
“Total trade in October 2016, which was valued at RM128.6bil, posted a growth of 0.1% or RM130.7mil from the
previous month. However, on a on-year basis, it fell RM10.7bil or 7.7%.
Malaysia recorded a trade surplus of RM9.8bil in October 2016 from RM7.6bil in September. However, the trade surplus fell RM2.3bil or 19.4% on-year.
The department said electrical and electronic (E&E) products, which accounted for 38.4% of total exports, increased RM329.5mil (+1.3%) to RM26.6bil.
Refined petroleum products, which contributed 6.1% to total exports, rose 2.8% or RM114.8mil to RM4.2bil as the average unit value rose 8.8% even though export volume fell 5.5%.
Liquefied natural gas (LNG), accounting for 3.9% of total exports, rose RM6.1mil (+0.2%) to RM2.7bil due to the increase in average unit value (+4.3%) although export volume fell 3.9%.
However, Malaysia recorded a fall in exports of palm oil and palm-based products, which represent 9.1% of total exports. The exports fell RM106.4mil or 1.7% to RM6.3bil due to palm-based oleochemical which fell RM155.1mil (-9.6%).
Exports of palm oil fell RM21.3mil or 0.5% due to the 7.3% drop in export volume as average unit value rose 7.3%.
Crude petroleum (2.5% of total exports), fell RM79.8mil (-4.4%) to RM1.8bil due to the 10.9% decrease in export volume as average unit value rose 7.4%.
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