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Malaysia: September exports up 13.6% to RM88.9b, exceed forecast
KUALA LUMPUR: Malaysia’s exports in September expanded by a stronger pace of 13.6% to RM88.93bil, far exceeding a Bloomberg survey of a 1.7% increase, as shipments of manufactured products jumped.
The Ministry of International Trade and Industry (MITI) said in a statement on Wednesday the September exports were the highest export value ever recorded for the month of September. On a month-on-month basis, exports rose 12.4% from August’s RM79.13bil.
“Exports of manufactured goods in September 2020 which made up 87.7% of total exports picked up by 16.3% y-o-y to RM77.99bil.
“The expansion was due mainly to higher shipments of electrical and electronic (E&E) products, rubber products, other manufactures especially solid-state storage devices (SSD), iron and steel products as well as optical and scientific equipment, ” it said.
Exports of agriculture goods (7.4% share) surged by 26.6% to RM6.55bil compared to September 2019 buoyed mainly by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (4.5% share) declined by 27.4% y-o-y to RM4.02 billion on account of lower exports of liquefied natural gas (LNG).
MITI said E&E products drove exports to Asean as exports rebounded by 6.7% to RM23.1bil.
As for exports to China, they sustained double digit growth for four consecutive months, surging by 41.9% to RM15.56bil mainly on higher exports of E&E products, iron and steel products as well as palm oil and palm oil-based agriculture products.
Exports to the US continued to expand for four consecutive months, with a double-digit growth of 22.1% to RM10.32bil in September 2020.
Malaysia’s total trade in September 2020 expanded by 5.5% to RM155.88bil compared to a year ago.
Trade surplus in September 2020 surged by 149.3% year-on-year (y-o-y) to RM21.97bil and was the highest trade surplus ever recorded for the month of September.
Compared to August 2020, total trade, exports and imports grew by 7.5%, 12.4% and 1.6%, respectively. Trade surplus recorded significant expansion of 66.3%.
As for imports, they contracted by 3.6% y-o-y to RM66.96bil from RM69.44bil a year ago.
The three main categories of imports by end use which accounted for 70.4% of total imports were intermediate goods — valued at RM32.84bil or 49% share of total imports — decreased by 17.8%.
The country recorded lower imports of parts and accessories of capital goods (except transport equipment) particularly electrical machinery, equipment and parts.
MITI said capital goods, valued at RM7.66bil or 11.4% of total imports, declined by 1.8%, due mainly to reduced imports of capital goods (except transport equipment), primarily parts of machinery and mechanical appliances.
Consumption goods, valued at RM6.63bil or 9.9% of total imports, rose by 11.2%, as a result of higher imports of durables, especially parts of machinery and mechanical appliances.
Source: https://www.thestar.com.my/business/business-news/2020/10/28/september-exports-up-136-to-rm889b-exceed-forecast