The total trade of Malaysia from January to August 2014 increased 7.9 percent to RM957.95 billion (US$294.31 billion) compared to the same period last year, according to the latest report of Malaysia’s Department of Statistics.
Exports for the period were higher by 9.5 percent to RM505.13 billion compared to the same period a year ago, while imports rose by 6.1 percent to RM452.82 billion. Trade surplus was valued at RM52.31 billion, an expansion of 52.4 percent.
Significant growth in trade was recorded to its major markets. Malaysia’s trade with the Association of Southeast Asian Nations (ASEAN) increased by 5.8 percent; the European Union (EU), 7 percent; China, 4.4 percent; U.S., 7.7 percent, and Japan, 3.6 percent.
In particular, exports to ASEAN rose 6.9 percent to RM141.28 billion and imports grew by 4.5 percent to RM118.04 billion, registering a total trade of RM259.31 billion, accounting for 27.1 percent share of Malaysia’s total trade.
Higher exports to ASEAN were contributed mainly by petroleum products, crude petroleum, palm oil, chemicals and chemical products, as well as optical and scientific equipment. Major imports from ASEAN were petroleum products, electrical and electronic (E&E) products, and chemicals and chemical products.
Other markets which registered expansion in trade with Malaysia were Australia, 25.5 percent; Taiwan, 19.7 percent; Hong Kong, 24 percent; South Korea, 8.9 percent; Saudi Arabia, 32.7 percent, and India, 5.2 percent.
Trade with the Free Trade Agreement (FTA) partner-countries expanded by 6.2 percent to RM601.15 billion. Exports rose 8 percent to RM323.86 billion, while imports were higher by 4.2 percent to RM277.28 billion.
All sectors show improvements in exports
On sectoral performance, all sectors registered export growth for the period January-August compared to last year, said the agency. Exports of manufactured goods increased by 10.1 percent to RM386.45 billion, contributed by higher exports of E&E products, which rose by 9.6 percent or RM14.48 billion, primarily electronic integrated circuits.
Other manufactured goods that registered increases during the period were petroleum products, machinery, appliances and parts, optical and scientific equipment, as well as chemicals and chemical products.
Exports of mining goods rose by 11.6 percent, or RM7.19 billion, to RM69.39 billion.
Imports, meanwhile, expanded 6.1 percent on higher demand for intermediate goods.
Total imports for the period of January-August 2014 increased to RM452.82 billion from RM426.86 billion for the same period in 2013.
August trade expands
For August, Malaysia’s total trade was valued at RM123.9 billion, an increase of 4.5 percent from RM118.58 billion registered last year. Increases in trade were recorded with Singapore which rose by RM1.8 billion, U.S. by RM870.5 million, India by RM870.4 million, Japan by RM819.8 million, and Thailand by RM500.7 million.
Exports in August 2014 expanded by 1.7 percent year-over-year to RM63.88 billion, and imports surged by 7.6 percent to RM60.02 billion. Trade surplus of RM3.86 billion was recorded for the month.
Manufactured and mining goods sustained exports in August 2014, said the official release. Exports of manufactured goods increased by 1.3 percent to RM49.19 billion, compared with August 2013. The increase in exports of manufactured goods was contributed mainly by higher exports of E&E products by RM761.8 million, especially electronic integrated circuits; machinery, appliances and parts; chemicals & chemical products; processed food; as well as optical and scientific equipment.
Exports of mining goods rose 7.5 percent to RM8.63 billion, contributed by higher export volumes of crude petroleum and LNG.
Exports of agricultural goods decreased by 1.6 percent to RM5.67 billion due mainly to lower exports of crude natural rubber attributed to both lower price and volume, while palm oil exports were affected by lower volume.
About 28 percent of exports in August were shipped to ASEAN. Exports to the region rose 1.2 percent year-over-year to RM17.9 billion, accounting for 28 percent of Malaysia’s total exports in August 2014.
The expansion was contributed mainly by higher exports of crude petroleum; machinery, appliances and parts; chemicals and chemical products; optical and scientific equipment; non-metallic mineral products; and processed food.
On the other hand, Malaysian imports in August 2014 increased by 7.6 percent to RM60.02 billion from August 2013. Imports from ASEAN were RM14.62 billion, accounting for 24.4 percent of Malaysia’s total imports in August 2014.
Photo: Firdaus Latif
