Malaysia’s September exports exceed forecasts

The main contributors to the increase in the September exports were electrical and electronics (E&E) products, which contributed 37.2% to total exports.

KUALA LUMPUR: Malaysia’s exports jumped 8.8% to RM70.20bil in September from a year ago, which exceeded economists’ forecasts of 3.6% growth, as exports to the European Union, China and the US expanded.

The Statistics Department said on Friday that on a month-on-month basis, exports rose RM3.7bil (up 5.5%) from RM66.5bil. In seasonally adjusted terms, exports increased 5.2%. 

“On a on-year basis, the rise in exports was mainly to EU (+RM1.4bil), China (+RM1bil), US (+RM933.5mil), Singapore (+RM923.5mil) and Philippines (+RM618mil),” it said.

The department imports grew RM5.3bil or 9.6% to RM60.5bil – exceeding the forecast of a 3% increase.  

imports grew RM4.1bil or 7.3% from RM56.3bil from a month ago. In seasonally adjusted terms, imports rose 8.9%.

The department said on a year-on-year basis, Malaysia recorded higher imports with China (+RM2.2bil), Singapore (+RM1bil), US (+RM985.1mil), Vietnam (+RM659.2mil) and Thailand (+RM640.9mil).

Commenting on the exports, it said the main contributors to the increase were electrical and electronics (E&E) products, which contributed 37.2% to total exports, grew RM3.1bil or 13.6% to RM26.1bil.

Timber and timber-based products, which accounted for 2.8% to total exports, increased RM252.9mil or 14.5% to RM2bil.

However, declines were recorded for liquefied natural gas (LNG), which accounted for 4.8% of total exports. 

LNG exports dropped RM1.7bil or 33.3% to RM3.4bil due to the decline in both average unit value (-21.1%) and export volume (-15.6%).

Refined petroleum products, which contributed 4.7% to total exports, fell RM936.0mil or 22.0% to RM3.3bil due to the drop in average unit value (-35.1%) although export volume rose 20.2%;

Crude petroleum (3.6% of total exports), fell RM346.8mil (-12.2%) to RM2.5bil due to the decrease in average unit value (-34.4%) although export volume expanded 33.8%.

Palm oil and palm-based products, which accounted for 8.6% of total exports, fell RM202.9mil or 3.3% to RM6bil. 

Exports of palm oil, the major commodity in this group of products, fell RM373mil or 8.7% and this was attributed to the drop in both export volume (-6.8%) and average unit value (-2.0%).