Larger trade surplus of RM10.3b in June as import contracts

PETALING JAYA: Malaysia’s imports contracted at a faster rate against export, resulting in a larger trade surplus of RM10.3 billion in June 2019.

According to Malaysia’s chief statistician Datuk Seri Dr Mohd Uzir Mahidin, Malaysia’s exports in June 2019 saw a decline of 3.1% to RM76.2 billion year-on-year (yoy), while re-exports stood at RM12.2 billion, reflecting a decrease of 22.3% yoy which accounts for 16.1% of total exports.

“However, domestic exports increased 1.7% or RM1.1 billion to RM63.9 billion. Imports also

registered a decrease of 9.2% yoy to RM65.9 billion,“ he said in a statement today.

Total trade for June stood at RM142.1 billion, reflecting a RM9.1 billion or 6.0% decrease from June 2018.

For the month, the main products which contributed to the decline in exports were electrical and electronic products (-RM1.8 billion) and timber and timber-based products (-RM305.9 million).

On the other hand, increases were recorded for crude petroleum (+RM752.2 million), refined petroleum products (+RM433.8 million), liquefied natural gas (+RM151.0 million), palm oil and palm oil-based products (+RM110.5 million) and natural rubber (+RM33.2 million).

“Meanwhile, the decrease in imports by end use was mainly attributed to capital goods

(-RM2.2 billion) followed by intermediate goods (-RM995.5 million) and consumption

goods (-RM318.4 million),” said Mohd Uzir.

The Department of Statistics also reported a marginal increase in exports in the second quarter this year, of 0.2% yoy to RM245.5 billion, while re-exports fell 26.7% yoy to RM38.2 billion, accounting for 15.6% of total exports.

For the quarter, domestic exports grew 7.5% to RM207.3 billion from the previous year.

However, imports registered a decrease of 1.2% yoy to RM215.3 billion.

source https://www.thesundaily.my/business/larger-trade-surplus-of-rm10-3b-in-june-as-import-contracts-FC1206575