Malaysia records highest trade surplus as exports surge in October
KUALA LUMPUR (Dec 5): Malaysia posted its largest trade surplus ever in October as exports surged, while imports also rebounded, government data showed on Wednesday.
Total exports in October jumped 17.7% from a year earlier, beating economists’ estimates of a 6.2% rise, amid strong demand from China and higher shipments of manufactured and mining goods.
In September, exports had risen 6.7%.
Exports to China, a major trading partner, rebounded strongly in October, rising 33% year-on-year after a drop in the previous month, the International Trade and Industry Ministry said in a statement.
Shipments of manufactured goods, which account for 84% of Malaysia’s total exports, were also up 19.9% from a year earlier in October, the ministry’s data showed.
Exports of mining goods rose 29.6%, on higher prices of crude oil and liquefied natural gas.
Exports of agricultural goods, however, declined 12.3% in October, hit by falling prices of palm oil and palm oil-based products.
Imports in October rose 11.4% year-on-year, rebounding strongly from a 2.7% decline in September. Increases were seen in two categories of imports — intermediate goods and consumption goods, the data showed.
Malaysia reports trade data in ringgit.
The trade surplus in October jumped to 16.3 billion ringgit (US$3.92 billion), the largest trade surplus ever recorded, from 15.3 billion ringgit in September, the ministry said.
KEY DATA
(Exports and imports in percent, trade in billions of ringgit)
Oct | Sept | Aug | July | June | May | April | March | |
Exports | 96.3 | 83.1 | 81.8 | 86.1 | 78.7 | 82.1 | 84.2 | 84.5 |
y/y% | 17.7 | 6.7 | -0.3 | 9.4 | 7.6 | 3.4 | 14 | 2.2 |
Imports | 80.1 | 67.8 | 80.2 | 77.8 | 72.6 | 74.0 | 71.2 | 69.8 |
y/y% | 11.4 | -2.7 | 11.2 | 10.3 | 14.9 | 0.1 | 9.1 | -9.6 |
Balance | 16.3 | 15.3 | 1.6 | 8.3 | 6.0 | 8.1 | 13.1 | 14.7 |
MAIN EXPORTS
Oct 2018 (bln rgt) | % of total | % change vs year ago | |
Electrical & Electronic Products | 38.4 | 39.8 | 23.3 |
Petroleum products | 8.1 | 8.4 | 31.2 |
Chemicals and chemicals products | 5.7 | 5.9 | 36.5 |
Manufactures of metal | 4.4 | 4.5 | 29 |
Palm oil & Palm-based agricultural products | 4.1 | 4.3 | -17.3 |
Liquefied natural gas | 4.1 | 4.2 | 38.8 |
Crude petroleum | 3.8 | 3.9 | 32.8 |
Optical and scientific equipment | 3.4 | 3.5 | 10.3 |
Machinery | 3.3 | 3.5 | 4.2 |
Rubber products | 2.4 | 2.5 | 14.2 |
EXPORT MARKETS
Oct 2018 (bln rgt) | % of total | % change vs year ago | |
China | 15.1 | 15.7 | 33 |
Singapore | 13.4 | 13.9 | 18.3 |
USA | 8.6 | 9 | 7.6 |
Hong Kong | 7.3 | 7.6 | 42.1 |
Japan | 6.6 | 6.9 | 10.2 |
Source: TheEdgeMarkets