PETALING JAYA: Malaysia’s trade rose by 11.6% in February to RM136.3 billion compared to the same month of the previous year according to figures by the Department of Statistics.
Chief statistician Datuk Seri Mohd Uzir Mahidin stated that exports expanded 11.8% to RM74.5 billion year-on-year (yoy), while re-exports was 6.3% lower at RM9.8 billion and accounted for 13.1% of total exports.
However, domestic exports recorded an increase of 15.2% or RM8.5 billion to RM64.7 billion.
“Meanwhile, imports rose 11.3% to RM61.8 billion, resulting in a trade surplus of RM12.6 billion, 14.1% higher as compared to February 2019,” he said in a statement.
The Department of Statistics attributed the growth in exports to an expansion in exports to Singapore (+RM2.1 billion), the United States (+RM1.6 billion), Republic of Korea (+RM1.2 billion), China (+RM935.4 million) and Taiwan (+RM430.4 million).
On the other hand, it reported that the higher imports were mainly from the United States (+RM989.7 million), India (+RM859.2 million), Taiwan (+RM705.3 million), Republic of Korea (+RM662.1 million) and China (+RM591.9 million).
The main products which contributed to the increase in exports were refined petroleum products (+RM788.1 million), palm oil and palm oil-based products (+RM692.7 million), timber and timber-based products (+RM575.9 million), liquefied natural gas (+RM222.2 million) and natural rubber (+RM77.5 million).
However, lower exports were recorded for electrical and electronic products and crude petroleum.
Meanwhile, the growth in imports by end use was mainly attributed to intermediate goods (+RM6.5 billion) and consumption goods (+RM462.3 million). Nevertheless, imports for capital goods decreased RM1.1 billion.
source https://www.thesundaily.my/business/malaysia-s-feb-trade-rose-116-to-rm1363b-YI2208212
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