Malaysia posted strong growth in exports to the Association of Southeast Asian Nations (ASEAN) countries in both July and the first seven months of 2014, according to an official release from the Ministry of International Trade and Industry.
Malaysia’s exports to the ASEAN grew by RM1.7 million to RM17.81 billion (US$5.613 billion) in July 2014 year-over year, accounting for 29.1 percent of its total exports for the month.
Major contributors to the higher exports were petroleum products, crude petroleum, palm oil, and transport equipment (parts and accessories for vehicles).
Lower exports were registered to Indonesia, reaching RM2.06 billion, down 34.6 percent; Thailand, RM2.95 billion, down 16.2 percent, and Cambodia, RM65.1 million, a decline of 6.5 percent.
Exports to the rest of the ASEAN countries increased as follows: Singapore, with recorded exports valued at RM9.88 billion, an increase of 16.6 percent; Philippines, RM1.31 billion, up 56.6 percent; Vietnam, RM1.13 billion, up 0.6 percent; Brunei, RM219.3 million, higher by 14.2 percent; Myanmar, RM193.9 million, an increase of 36.6 percent, and Laos RM4.1 million, up 14.8 percent.
Total imports from ASEAN were RM15.12 billion, accounting for 26.3 percent of Malaysia’s total imports in July 2014.
Exports to ASEAN from January to July
On the other hand, shipments to ASEAN in the first seven months of the year rose by 7.6 percent to RM123.38 billion, and imports grew by 4.4 percent to RM103.41 billion.
The ministry said total trade with the region was RM226.79 billion, accounting for a 27.2 percent share of Malaysia’s total trade.
Higher exports to ASEAN was contributed mainly by petroleum products, crude petroleum, palm oil, chemicals and chemical products (alcohols, phenols and their derivatives) as well as E&E products (electronic integrated circuits and its parts).
Exports to all ASEAN markets increased during this period except for Indonesia.
Total imports from ASEAN amounted to RM103.41 billion, accounting for 26.3 percent of Malaysia’s total imports for the period. Major imports from ASEAN were petroleum products, E&E products, and chemicals and chemical products.
Total trade in July 2014 flat
In total trade for July 2014, Malaysia’s performance was unchanged with a value of RM118.6 billion compared with RM118.59 billion registered last year.
Total exports in July 2014 expanded by 0.6 percent year-on-year to RM61.12 billion, and imports decreased by 0.7 percent to RM57.48 billion. A trade surplus of RM3.64 billion was recorded for the month.
Total imports in July 2014 decreased by 0.7 percent to RM57.48 billion from July 2013.
Trade expanded in first 7 months
Malaysia’s total trade for January-July 2014 was valued at RM834.05 billion, an increase of 8.4 percent compared with the same period last year.
Exports were higher by 10.7 percent to total RM441.25 billion, while imports rose by 5.8 percent to RM392.8 billion. Trade surplus was valued at RM48.45 billion, an expansion of 76.6 percent.
Exports of manufactured goods increased by 11.4 percent to RM337.17 billion due to higher exports of E&E products, which rose by 10.6 percent or RM13.81 billion, primarily consisting of electronic integrated circuits.
Other manufactured goods that registered increases during the period were petroleum products, optical and scientific equipment, machinery, appliances and parts, as well as chemicals and chemical products.
Total imports for the period increased by 5.8 percent to RM392.8 billion from RM371.1 billion for the same period in 2013.
Photo: loreth_ni_balor
