KUALA LUMPUR: Malaysia's exports in October surged 17.7% on-year to RM96.38bil, which is a historic high for the country, powered by manufactured goods, with exports to China picking up strongly.
The Ministry of International Trade and Industry (MITI) said on Wednesday exports of manufactured goods registered a strong growth of 19.9% on-year to RM80.99bil and accounted for 84% of Malaysia’s total exports.
“Trade with China which absorbed 16.8% of Malaysia’s total trade expanded by 19.1% on-year to RM29.71bil.
“Exports to China picked up strongly in October 2018, rising by 33% to RM15.12bil from a decline of 0.6% in September 2018.
“This was on the back of significant increases in exports of E&E products, petroleum products, chemicals and chemical products as well as LNG. Imports from China were higher by 7.6% to RM14.59bil,” it said.
Commenting on the October's strong export growth, it said the expansion was driven mainly by higher exports of electrical and electronic (E&E) products, petroleum products, chemicals and chemical products as well as manufactures of metal.
Exports of mining goods rose by 29.6% to RM8.69bil, accounting for 9% of total exports in October 2018.
MITI said higher exports were recorded for liquefied natural gas (LNG) and crude petroleum due mainly to higher average unit value (AUV).
However, exports of agriculture goods which accounted for 6.3% of total exports contracted by 12.3% to RM6.11bil. This was mainly due to lower exports of palm oil and palm oil-based agriculture products, particularly palm oil, on account of lower AUV.
“The upward trend of exports continued in October with an expansion of 16% to RM27.29bil, buoyed by higher exports of E&E products, petroleum products, chemicals and chemical products, manufactures,” it said.
E&E products valued at RM38.38bil, constituting 39.8% of total exports, increased by 23.3% from October 2017.
MITI said petroleum products increased by 31.2% to RM8.13bil. Petroleum products account for 8.4% of total exports.
Also recording strong growth were chemicals and chemical products, up 36.5% to RM5.68bil (5.9% of total exports).
As for manufactures of metal, exports expanded by 29% to RM4.38bil.
However, palm oil and palm oil-based agriculture products fell by 17.3% to RM4.12bil.
MITI also pointed out that compared to September 2018, exports of manufactured goods expanded by 15.3%, mining goods by 33.1% and agriculture goods by 8.4%.