Malaysia’s exports up 6.6% to nearly RM90b in January

“Exports of rubber products especially rubber gloves, showed resilient performance, registering triple-digit growth for five consecutive months, ” MITI said.

KUALA LUMPUR: Malaysia’s exports in January 2021 rose by 6.6% to RM89.63bil from a year ago, due to global demand notably for electrical and electronic (E&E) and rubber products as well as front-loading activities prior to the festive season.

According to the Ministry of International Trade and Industry (MITI) on Friday, the January exports’ continued for five consecutive months and marked the highest export value for the month of January thus far.

MITI said imports in January 2021 expanded by 1.3% y-o-y to RM73.02bil. Total trade rose by 4.1% to RM162.65bil, the highest value registered for the month of January.

“Trade surplus surged by 38% to RM16.6bil, sustaining a double-digit growth for eight consecutive months.

“Compared to December 2020, total trade, exports, imports and trade surplus decreased by 4.8%, 6.4%, 2.7% and 19.8%, respectively, ” it said.

Elaborating on the export performance, it said higher exports were seen to China, the United States, Vietnam, Singapore and Hong Kong.

MITI said exports of manufactured goods contributed to 88.5% of total exports. They posted a double-digit growth of 11.7% y-o-y to RM79.36bil.

“The growth was supported mainly by higher exports of E&E products which was driven by rising demand for various electronic products notably in automotive industry, 5G network and smart devices.

“Exports of rubber products especially rubber gloves, showed resilient performance, registering triple-digit growth for five consecutive months, ” it said.

MITI added the higher exports were for manufactures of metal, chemicals and chemical products as well as optical and scientific equipment.

Exports of agriculture goods (5.6% share) amounted to RM5bil compared to a year ago, decreased by 7.2% mainly due to lower exports of palm oil and palm oil based agriculture products.

Exports of mining goods (5.5% share) was valued at RM4.93bil, shrank by 31% y-o-y mainly on lower exports of liquefied natural gas (LNG) and crude petroleum.

MITI said E&E products, valued at RM36.65bil and constituted 40.9% of total exports, increased by 13.1% from January 2020.

* Rubber products, RM6.36bil, 7.1% of total exports, surged by 187.4%.

* Chemicals and chemical products, RM4.7bil, 5.2% of total exports, increased by 10.6%;.

* Petroleum products, RM4.56bil, 5.1% of total exports, decreased by 32.4%;

* Manufactures of metal, RM3.71 billion, 4.1% of total exports, increased by 19.9%.

“On a month-on-month (m-o-m) basis, exports of manufactured, agriculture and mining goods declined by 3.2%, 40.2% and 1.8%, respectively, ” it said.

As for imports in January, they grew by 1.3% y-o-y to RM73.02bill from RM72.08bil a year ago.

The three main categories of imports by end use which accounted for 72.8% of total imports were:

* Intermediate goods, valued at RM39.39bil or 53.9% of total imports, expanded by 1.4%, following higher imports of processed industrial supplies, particularly non-monetary gold.

* Capital goods, valued at RM7.24bil or 9.9% of total imports, declined by 5.4%, due mainly to reduced imports of capital goods (except transport equipment), primarily electrical machinery, equipment and parts.

* Consumption goods, valued at RM6.54bil or 9% of total imports, rose by 1.3%, as a result of higher imports of primary food and beverages mainly for household consumption, especially coffee, tea and spices.

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