Malaysia records RM71.4bil domestic exports, trade surplus since May 2020

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PUTRAJAYA, MARCH 29: Malaysia registered a positive double digit growth for imports and exports after 12 months as reported today in External Trade Statistics, February 2021 report.

Chief Statistician Malaysia, Datuk Seri Dr. Mohd Uzir Mahidin said, Malaysia’s exports remained at a higher level, picked up sharply by 17.6 per cent to RM87.6 billion, compared to an increase of 6.6 per cent in January 2021.

“This was the highest year-on-year (y-o-y) growth in 28 months. The expansion was driven by both domestic exports and re-exports. Domestic exports stood at RM71.4 billion contributed 81.6 per cent to the total exports, grew by 10.4 per cent,” he said in a statement here today.

On the other hand he said the re-exports which was valued at RM16.1 billion, went up by 65.0 per cent y-o-y. Imports in February 2021 totalled RM69.7 billion, registered a strong double-digit growth of 12.7 per cent compared with the same month of 2020. This was the strongest y-o-y growth since July 2018.

However he said, trade surplus stood at RM17.9 billion, making it the 10th consecutive month of trade surplus since May 2020. The total trade valued at RM157.3 billion widened by 15.4 per cent y-o-y.

The Department of Statistics, Malaysia also reported that the expansion in exports was supported mainly by higher exports to China (+RM3.4 billion), the United States of America (+RM2.1 billion), Singapore (+RM1.5 billion), Hong Kong (+RM1.3 billion) and the European Union (+RM1.0 billion).

Meanwhile, increases in imports were mainly from China (+RM6.2 billion), Indonesia (+RM1.1 billion) and Thailand (+RM819.3 million). The main products which contributed to the increase in exports were electrical and electronic products (+RM6.4 billion); rubber products (+RM4.4 billion); petroleum products (+RM1.6 billion); chemical and chemical products (+RM873.8 million) and manufacture of metal (+RM799.1 million).

The expansion in imports were noted for electrical and electronic products (+RM2.6 billion); machinery, equipment and parts (+RM922.7 million); chemical and chemical products (+RM856.2 million) and rubber products (+RM846.3 million).

Imports by End Use recorded an increase for capital and consumption goods. Imports of capital goods surged by 39.0 per cent or RM2.1 billion to RM7.6 billion and comprised 10.9 per cent of total imports. On the same note, consumption goods (8.5% of total imports) registering an increase of 17.6 per cent from RM5.0 billion in February 2020 to RM5.9 billion.

Meanwhile, imports of intermediate goods amounted to RM38.3 billion or 55.0 per cent of total imports, marginally decreased by 0.2 per cent y-o-y.

The statement added the Malaysia Population and Housing Census 2020 (Malaysia Census 2020) via face to face and online (e-Census) is being conducted nationwide until 30th June 2021.

All Malaysian residents are urged to cooperate in realising the success of Malaysia Census 2020 to ensure that no one is left behind as your data is our future. Please visit the Malaysia Census 2020 portal at www.mycensus.gov.my or social media @MyCensus2020 for more information.-Malaysia World News


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