Malaysia’s exports contracted 3.1% in October

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Kuala_LumpurMalaysia recorded an increase in overseas shipments on a month-on-month (m-o-m) basis, but saw its year-on-year (y-o-y) exports decrease in October 2014, according to the newest data released by Malaysia’s Department of Statistics.

The agency also disclosed Malaysia’s trading activities within the Association of Southeast Asian Nations (ASEAN) over the first 10 months of the year.

Total exports in October m-o-m went up by 0.9% to RM65.1 billion, or US$18.6 billion from RM64.5 billion, but fell 3.1% on a y-o-y basis from RM67.2 billion.

Malaysia generated an aggregate trade value in October 2014 of RM129 billion, increasing RM9.3 billion or 7.7% from the previous month. It also posted an acceleration in trade of RM3.2 billion, or 2.6%, from a year ago.

For the month, a trade surplus of RM1.2 billion was achieved, a decrease of RM8.1 billion, or 87.3%, from the previous month.

Main export boosters for the m-o-m hike were petroleum products and liquefied natural gas (LNG), but a decrease were recorded for electrical and electronic (E&E) products, palm oil and palm oil-based products, crude petroleum, timber and timber-based products, and natural rubber.

On a y-o-y basis, a slide was noted for petroleum products, E&E products, natural rubber, timber and timber-based products, and palm oil and palm oil-based products. Commodities recording an increase for the period were LNG and crude petroleum.

ASEAN trading

The department also announced the total trade and breakdown of market share from January to October 2014. Total trade amounted to RM1.206 trillion, with exports accounting for RM634.7 billion and imports bringing in RM571.9 billion.

With its neighbors in the ASEAN, Malaysia’s overall exports were estimated at RM177.4 billion for 28% of total exports for January-October, and cumulative imports were assessed at RM147.6 billion, or 25.8% of total imports.

Top export destinations were Singapore with a 50.9% market share, Thailand 18.8%, Indonesia 15.1%, Vietnam 6.4%, Philippines 5.7%, and other ASEAN countries 3%.

Leading import sources were again topped by Singapore with 49.3%, followed by Thailand 22.2%, Indonesia 15.7%, Vietnam 8.5%, Philippines 2.9%, and other ASEAN countries 1.4%.

For biggest trading partners overall, China led the Southeast Asian economy’s top 10 for the 10-month period. The others, in order of market share, were Singapore, the European Union, Japan, United States, Thailand, South Korea, Indonesia, Taiwan, and Australia.

Photo: Ms Lauren Laurie Wilson