Malaysia's export sector continued to post a positive trend with July registering a trade surplus of RM1.91 billion. This, makes it the 225th consecutive month of trade surpluses recorded since November 1997, said the International Trade and Industry Ministry (Miti) in a statement today.
It said exports for the month declined by 5.3 per cent or RM3.37 billion year-on-year to RM59.85 billion, while imports contracted by 4.8 per cent or RM2.91 billion to RM57.94 billion.
"Overall, trade was lower by 5.1 per cent to RM117.79 billion," it added.
In July, the export of manufactured goods declined by 3.9 per cent or RM1.96 billion to RM48.75 billion with lower exports of electrical and electronics (E&E) products, which contracted by RM1.39 billion.
Higher exports, however, were recorded for optical and scientific equipment, rubber products, transport equipment, processed food, iron and steel products as well as chemicals and chemical products.
The export of agricultural goods recorded a value of RM5.59 billion, a decrease of 10 per cent, due mainly to lower exports of palm oil and natural rubber by 9.6 per cent and 43.9 per cent respectively.
"The reduction in the export of palm oil was due to lower volume, while natural rubber was due to lower average unit volume (AUV) and volume.
However, the export of palm oil registered a growth of 7.7 per cent in July as compared to June 2016, contributed by higher volume of palm oil exports.
Exports of mining goods decreased by 14 per cent to RM5.07 billion with lower exports of liquefied natural gas (LNG), attributed to lower AUV.
In July, exports to ASEAN grew by 4.7 per cent to RM18.15 billion, lifted by increased exports of crude petroleum, E&E products, petroleum products as well as manufacture of metal.
Imports from ASEAN fell 16.7 per cent to RM12.92 billion and trade with ASEAN declined by 5.4 per cent to RM31.08 billion.
Meanwhile, from January to July, a trade surplus of RM43.7 billion was recorded, compared to the RM44.06 billion registered for the same period of 2015.
Malaysia's trade from January-July expanded marginally by 0.3 per cent to reach a value of RM821.8 billion, as compared to RM819.04 billion in the same period of 2015.
Expansion in trade was seen with the United States, South Korea, ASEAN, Turkey, Nigeria, Mexico and Bangladesh.
"In tandem with subdued external demand, exports grew by 0.3 per cent or RM1.2 billion to RM432.75 billion, while imports increased by 0.4 per cent or RM1.55 billion to RM389.05 billion," it added.
Bernama
Wed Sep 07 2016
Malaysia's trade from January-July expanded marginally by 0.3 per cent to reach a value of RM821.8 billion, as compared to RM819.04 billion in the same period of 2015.
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