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Malaysia’s exports rise to RM75.6bil in December
PETALING JAYA: Malaysia’s exports rose 10.7% to RM75.6bil in December 2016 from a year ago, exceeding economists’ expectations of 9.6% growth, underpinned by higher exports of electrical and electronic (E&E) products, palm oil and palm-based products.
The Statistics Department said on a month-on-month (m-o-m) basis, exports increased RM2.7bil, or 3.7% from RM72.8bil. In seasonally adjusted terms, exports rose 2.4%
It said the December exports were mainly driven by an increase in E&E products, which grew 9% to RM27bil.
Refined petroleum products, which accounted for 6.5% of total exports, expanded RM2bil or 71.9% to RM4.9bil mainly due to the increase in export volume and small contribution from average unit value.
Palm oil and palm-based products, which formed 8.5% of total exports, recorded an increase of RM1.3bil to RM6.4bil.
Exports of palm oil, the major commodity in this group of products rose RM452.8mil or 14.1% due to the increase in average unit value as export volume decreased.
In addition, crude petroleum, which contributed 3.3% to total exports, grew 15.9% to RM2.5bil mainly due to the increase in average unit value and small contribution from export volume.
The department said imports grew RM6.9bil or 11.5% to RM66.8bil on a year-on-year (y-o-y) basis.
The growth in imports was contributed by intermediate goods, capital goods and consumption goods.
The imports were higher than the survey of a 10.2% increase.
On a m-o-m basis, imports rose RM3bil from RM63.8bil. In seasonally adjusted terms, imports decreased 2.3%.
The department said on a y-o-y basis, imports increased from China (RM2.6bil), Taiwan (RM959.5mil), European Union (RM714mil), Japan (RM661.4mil), and Saudi Arabia (RM576mil).
“Total trade in December, which was valued at RM142.4bil, expanded RM14.2bil or 11.1% from a year ago. Growth of RM5.8bil or 4.2% was also recorded when compared to the previous month.
“A trade surplus of RM8.7bil was recorded, an increase of RM360.1mil or 4.3% from the previous year. However, on a m-o-m basis, it declined RM311.5mil or 3.4%,” it said.
Source: http://www.thestar.com.my/business/business-news/2017/02/09/malaysias-exports-rise-to-rm756bil-in-december/#Q6mloYoB7HP9BCwf.99