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Malaysia’s exports up 48.2% in Aug, exceeding economists’ forecast
Malaysia’s exports increased by 48.2 per cent year-on-year to RM141.3 billion (S$457 million) in August, driven by higher exports of electrical and electronic (E&E) products, petroleum products, optical and scientific equipment as well as machinery, equipment and parts.
The exports growth exceeded an earlier forecast of 34.4 per cent, according to 13 economists surveyed by Reuters.
August imports rose 67.6 per cent year-on-year to RM124.4 billion, according to data released by the Department of Statistics Malaysia on Tuesday (Sep 20). The imports growth was also higher than the economists’ forecast of 49.4 per cent in that same Reuters poll.
Malaysia continued to enjoy a trade surplus of RM16.9 billion in August, albeit 19.9 per cent lower than a year earlier.
In a statement, Senior Minister of International Trade and Industry Azmin Ali said the country’s trade remained sturdy as it has achieved double-digit growth for the last 13 months.
For the first 8 months of that period, exports expanded 30.3 per cent year-on-year to RM1 trillion, said Azmin, adding that this is the shortest period the country has achieved the milestone of surpassing RM1 trillion of exports value.
He noted that the imports and trade surplus also registered the highest value for the same period. Imports for the first 8 months increased 36.7 per cent to RM858.8 billion, while the trade surplus increased by 3.7 per cent to RM155.5 billion.
On Malaysia’s trade performance in August, Azmin said trade with other South-east Asia countries jumped 61 per cent to RM70.8 billion in August, constituting 26.7 per cent of Malaysia’s total trade. Imports from South-east Asia also increased by 61.9 per cent to RM28.85 billion.
Singapore and China were the biggest export destinations for Malaysia, contributing 27.8 per cent to the country’s exports in August.
In August, Malaysia’s exports to Singapore totalled RM20.8 billion, an increase of 54.5 per cent year-on-year, driven by higher exports of E&E and petroleum products as well as machinery, equipment and parts.
China was the second largest export destination, with an export value of RM18.5 billion – up 21.3 per cent year-on-year – on higher exports of E&E products, musical instruments, parts and accessories as well as phonographs.
Malaysia’s imports in August continued to outpace export growth, with higher imports of intermediate goods (RM66.4 billion or 53.4 per cent of total imports), capital goods (RM10.3 billion) and consumption goods (RM9.1 billion).
China and Singapore were also the major countries of origin for Malaysia’s imports in August, totaling 30.5 per cent of the imports in August.
China, as the biggest import country to Malaysia, has seen the import value grow by 49.5 per cent to RM25.4 billion, stimulated by growing demand for E&E, petroleum and chemical products as well as machinery, equipment and parts.
Malaysia’s imports from Singapore surged 83.3 per cent to RM12.6 billion in August, attributed to higher imports of petroleum and E&E products.
Source: https://www.businesstimes.com.sg/asean-business/malaysias-exports-up-482-in-aug-exceeding-economists-forecast