PETALING JAYA: With the expansion in exports and a 5.9% decline in imports, Malaysia’s trade surplus in July widened by 75.6% to RM14.3 billion compared with the same month a year ago.
According to the Department of Statistics, Malaysia’s exports grew to RM88 billion in July, driven by the increases in electrical & electronic products (+RM1.5 billion); liquefied natural gas (+RM798.7 million); refined petroleum products (+RM174.4 million); natural rubber (+RM85.4 million); and timber and timber-based products (+RM23.7 million).
However, decreases were recorded for these products; crude petroleum (-RM1.7 billion) and palm oil and palm oil-based products (-RM544.5 million).
Total trade fell 1.9% year-on-year to RM161.7 billion.
Geographically, the higher exports were due to the increase in exports to Taiwan (+RM1.2 billion), the US (+RM610.2 million), China (+RM488.8 million) and Singapore (+RM372.9 million). However, exports decreased to India (-RM534.0 million), Australia (-RM417.9 million) and Japan (-RM352.0 million).
Re-exports were valued at RM17.9 billion, a drop of 3.9% and accounted for 20.3% of total exports. However, domestic exports increased 3.3% to RM70.1 billion.
On the import front, the picture does not appear to be rosy as shipments dropped 5.9% to RM73.7 billion, attributed to declines in capital goods (-RM1.4 billion), intermediate goods (-RM1.4 billion) and consumption goods (-RM333.7 million).
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said the decline in imports is an indicator of weakness in private investment and domestic consumption as well as a weaker purchasing power or consumer sentiment.
“The decline in imports confirms my observation that activities of manufacturing and domestic consumption are slowing down.”
source https://www.thesundaily.my/business/july-imports-down-5-9-trade-surplus-widens-to-rm14-3-billion-XD1335099
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