Malaysia’s total exports in November rose 7.8 per cent to RM72.83 billion from RM67.56 billion recorded in the same period last year, registering the highest monthly exports in the first 11 months of the year.
“The achievement was supported by robust demand from major markets, mainly from Asean, China, European Union, the United States, Hong Kong and India,” the International Trade and Industry Ministry said in a preliminary release of Malaysia’s external trade statistics.
It said imports in Nov 2016 grew 11.2 per cent to RM63.80 billion, pushing the total trade volume up 9.3 per cent to RM136.63 billion.
“Trade surplus stood at RM9.03 billion in Nov 2016, making it the 229th consecutive month of trade surplus since Nov 1997,” it added.
For the January-November 2016 period, it said exports edged up 0.2 per cent to RM710.38 billion and imports improved one per cent to RM631.83 billion, with trade surplus recorded at RM78.55 billion.
The report said in Nov 2016, exports of manufactured goods grew 7.9 per cent, year-on-year (y-o-y), to RM58.32 billion, accounting for 80.1 per cent of Malaysia’s total exports.
“Electrical and electronic (E&E) products expanded 13.2 per cent or RM3.06 billion, the fastest growth recorded thus far for 2016,” it said.
In the same month, it said exports of agricultural goods increased 22.4 per cent to RM6.9 billion, led by higher exports of palm oil and palm-based agriculture products.
“Exports of palm oil grew 25.6 per cent to RM4.07 billion from RM3.24 billion recorded in November last year,” it said.
“Increases in exports were also recorded for items such as chemicals and chemical products, transport equipment, processed food, iron and steel products, as well as, optical and scientific equipment,” it said.
However, the report said exports of mining goods were down 6.9 per cent to RM7.01 billion, due to the decline in exports of liquefied natural gas (LNG) and crude petroleum.
“Exports of LNG and crude petroleum contracted 21.3 per cent and 6.1 per cent, respectively, due to lower average unit value,” it said.
In the same period, it said exports of electrical and electronic products rose three per cent to RM260.68 billion, constituting 36.7 per cent of total exports; while chemicals and chemical product increased by 5.8 per cent to RM53.38 billion.
“Palm oil and palm-based agriculture products also added 4.6 per cent to RM43.86 billion, while machinery, equipment and parts improved 5.9 per cent to RM34.67 billion,” it said.
The report also noted that petroleum products decreased 4.2 per cent to RM48.78 billion in the first 11 months of the year.
For the period of January-November 2016, imports increased by one per cent, y-o-y, to RM631.83 billion, of which the three main categories of imports by end use were intermediate goods ( RM360.57 billion, down 1.1 per cent); capital goods (RM91.24 billion, up 4.2 per cent) and consumption goods (RM60.59 billion, up 7.9 per cent).
In November 2016, the report said exports to Asean expanded by 9.8 per cent, y-o-y, to RM20.88 billion, improving from the 2.6 per cent decline registered in October 2016.
“Exports to Asean accounted for 28.7 per cent of Malaysiaâ€™s total exports.
“The increase in exports was mainly contributed by manufactured goods, which grew significantly by 9.5 per cent to RM18.6 billion,” it said.
For the first 11 months of the year, exports to Asean rose 4.8 per cent to RM209.15 billion.
In November 2016, exports to China were valued at RM10.93 billion, up 12 per cent from a year ago, mainly contributed by higher exports of items including E&E products, palm oil and palm-based agriculture products, as well as chemicals and chemical products.
For January to Novembr 2016, exports were down 5.2 per cent to RM88.33 billion.
In November 2016, exports to the US rose 9.9 per cent to RM6.67 billion, mainly contributed by higher exports of items such as E&E products, petroleum products, as well as, machinery.
“For January to November 2016, exports expanded 9.7 per cent to RM73.06 billion,” it added.