KUALA LUMPUR: Malaysia’s exports surged past RM105bil in June to record the 10th straight month of growth on-year since September due to strong demand for petroleum products, chips and rubber goods.
The Senior Minister of International Trade and Industry said in a statement on Wednesday the growth in June was underpinned by exports to China and US – the highest ever recorded.
June’s total exports also increased by 14.3% from May’s exports of RM92.31bil.
“The export growth was contributed by strong demand for petroleum products, electrical and electronic (E&E) products mainly electronic integrated circuits used in the production of smartphones, cars, computers and home appliances as well as rubber products,” the statement said.
Exports to all major markets namely Asean, China, the US, the European Union and Japan recorded double-digit expansion.
Imports rose 32.1% on-year to RM83.23bil. Of the total imports, intermediate goods recorded a 25.3% increase on-year to RM43.71bil (accounting for 52.5% of total imports), following higher imports of processed industrial supplies particularly copper and articles.
Capital goods, valued at RM8.57bil, grew by 15.2%, due mainly to higher imports of capital goods (except transport equipment), primarily parts for machinery and mechanical appliances.
Consumption goods, valued at RM7.35bil, rose by 19.2%, as a result of higher imports of processed food and beverages mainly for household consumption, especially meat and edible meat offal.
Trade surplus for June rose by 11.7% on-year to RM22.24bil from RM19.91bil a year ago. It jumped 61.7% from May’s RM13.75bil.
As for exports in June, all three sectors recorded strong double-digit growth compared to the same month last year.
Exports of manufactured goods which accounted for 86.6% of total exports, increased by 25.8% on-year to RM91.3bil. This was the seventh consecutive month of double-digit growth.
Export products which expanded more than RM1bil were for petroleum products, E&E products, rubber products, chemicals and chemical products, palm oil-based manufactured products as well as manufactures of metal.
Exports of agriculture goods (8.3% share) grew by 40% to RM8.81bil from a year ago driven mainly by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (4.7% share) rose by 32.9% on-year to RM4.96bil -- double-digit growth for three straight months.
The expansion was underpinned by higher exports of crude petroleum and liquefied natural gas (LNG).
Major exports in June 2021:
E&E products, valued at RM37.16 billion and accounted for 35.2% of total exports, increased by 14.1% from June 2020;
Petroleum products, RM9.59 billion, 9.1% of total exports, surged by 113.6%;
Rubber products, RM7.26 billion, 6.9% of total exports, surged by 103.5%;
Palm oil and palm oil-based agriculture products, RM7.07 billion, 6.7% of total exports, increased by 51%; and
Chemicals and chemical products, RM6.62 billion, 6.3% of total exports, increased by 53.3%.
Compared to May 2021, exports of manufactured and agriculture goods were up by 15.8% and 17.6%, respectively. Exports of mining goods was down by 12.3%.
Malaysia recorded a new record high for exports to China.
In June 2021, trade with China rose by 30.5% on-year to RM37.91bil, accounting for 20.1% of Malaysia’s total trade.
Exports to China recorded the eighth consecutive month of double-digit growth, increasing by 18.5% to RM17.56bil and was the highest value recorded.
The expansion in exports was contributed mainly by higher exports of E&E products and petroleum products. Imports from China rose by 43% to RM20.35bil.
Compared to May 2021, trade, exports and imports increased by 13.4%, 26.6% and 4%, respectively.
Trade with the US in June 2021 increased by 24.1% y-o-y to RM19.27bil, accounting for 10.2% of Malaysia’s total trade.
Exports recorded the 13th successive month of double-digit growth since June 2020, expanding by 32% to RM12.91bil and was the highest value ever registered.
The increase was attributed mainly to higher exports of manufactured goods especially rubber products, E&E products, manufactures of metal, machinery, equipment and parts as well as chemicals and chemical products.
Imports from the US rose by 10.6% to RM6.36bill. On a m-o-m basis, trade, exports and imports recorded growth of 17.2%, 24.3% and 5%, respectively.