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Malaysia’s trade for July increased by 13pc to RM180.96 billion, exports grew RM97.32bil

Malaysia’s trade for July increased by 13pc to RM180.96 billion, exports grew RM97.32bil

27 Aug 2021

Malaysia’s export growth in July was strengthened by increased shipments of petroleum products, palm oil and palm oil-based agricultural products, as well as chemicals and chemical products, owing to strong external demand.

Exports grew by 5 per cent to RM97.32 billion, the 11th consecutive month of year-on-year (YoY) expansion since September 2020 while imports rose by 24 per cent to RM83.64 billion while trade surplus contracted 45.8 per cent to RM13.68 billion.

According to The Ministry of International Trade and Industry (MITI), Malaysia’s trade performance maintained upward movement in July as trade increased by 13 per cent to RM180.96 billion compared to July 2020.

This was the sixth consecutive month of double-digit growth since February 2021.

According to MITI, exports of manufactured goods which represented 85.1 per cent of total exports, rose by 2.3 per cent YoY to RM82.85 billion in July 2021.

Exports of agriculture goods (8.7 per cent share) recorded double-digit growth of 29.2 per cent to RM8.47 billion compared to July 2020 supported mainly by higher exports of palm oil and palm oil-based agriculture products.

Exports of mining goods (5.8 per cent share) rose by 18.3 per cent YoY to RM5.65 billion, the fourth straight month of double-digit growth.

The increase was buoyed mainly by higher exports of liquefied natural gas (LNG).

In July 2021, trade with ASEAN grew by 10.5 per cent YoY to RM45.3 billion, contributed 25 per cent to Malaysia’s total trade.

Exports expanded by 7.9 per cent to RM27.65 billion, owing to higher exports of petroleum products. Imports from ASEAN rose by 14.7 per cent to RM17.65 billion.

Compared to June 2021, exports of mining goods rose by 13.8 per cent while exports of manufactured and agriculture goods were down by 9.3 per cent and 3.8 per cent, respectively.

For the first seven months of 2021, trade expanded by 23.9 per cent to RM1.237 trillion from the same period last year.

Exports for the period grew by 25.9 per cent to RM682.9 billion and imports rose by 21.6 per cent to RM554.17 billion while the trade surplus surged by 48.8 per cent to RM128.74 billion.

Exports to major markets namely ASEAN, the European Union (EU) and Japan recorded positive growth.

For the period of January to July 2021, exports of manufactured goods were up by 27.3 per cent to RM592.18 billion compared to the same period of 2020, driven by higher exports of E&E products, rubber products, petroleum products, manufacture of metal as well as chemicals and chemical products.

Exports of agricultural goods increased by 32.6 per cent to RM50.79 billion underpinned by higher exports of palm oil and palm oil-based agriculture products.

Exports of mining goods rose by 2.1 per cent to RM37.3 billion on account of higher exports of crude petroleum.

In July 2021, trade with China recorded double-digit growth of 15 per cent YoY to RM33.89 billion which made up 18.7 per cent of Malaysia’s total trade.

This was the eighth consecutive month of double-digit expansion. Exports to China contracted by 8.1 per cent to RM14.34 billion due to lower exports of petroleum products.

However, higher exports were seen for chemicals and chemical products as well as palm oil and palm oil-based agriculture products. Imports from China expanded by 40.9 per cent to RM19.54 billion.

Trade with the United States (US) in July 2021 increased by 1.8 per cent YoY to RM17.79 billion, representing 9.8 per cent of Malaysia’s total trade.

Exports fell marginally by 1.1 per cent to RM11.04 billion on lower exports of E&E products, wood products as well as petroleum products.

The contraction however was cushioned by higher exports of rubber products which increased by 69.9 per cent. Imports from the US expanded by 6.9 per cent to RM6.75 billion.

Trade with the EU which accounted for 8.3 per cent of Malaysia’s total trade in July 2021 increased by 19.7 per cent YoY to RM14.94 billion.

Exports grew by 2.4 per cent to RM7.9 billion led by higher exports of palm oil and palm oil-based products as well as petroleum products. Imports from the EU expanded by 47.7 per cent to RM7.05 billion.

An increase in exports was recorded to Australia, by 42.3 per cent to RM2.83 billion due to higher exports of petroleum products, Turkey up by 58 per cent to RM874.4 million for palm oil and palm oil-based agriculture products, India up by 7.4 per cent to RM3.17 billion for chemicals and chemical products, New Zealand up by 40.7 per cent to RM326.1 million for processed food and Chile up by 7.4 per cent to RM58.1 million for non-metallic mineral products.

Source: NST

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