Malaysia’s total trade for the first two months of 2017 surged by 20.6% to RM270.63 billion, compared to RM224.4 billion recorded during the corresponding period in 2016.
Total trade in February alone reached RM134.83 billion, a whopping 27.1% expansion compared with the same month last year.
Malaysia recorded expansion in trade with the nation’s major trading partners in Asean, as well as countries like China, India, Japan, Taiwan, the European Union, and the United States.
Exports were higher by 19.8% to RM142.04 billion while imports increased by 21.5% to RM128.59 billion, resulting in a trade surplus of RM13.45 billion.
This was revealed by a media advisory released today by the Ministry of International Trade and Industry (Miti).
The February numbers saw double-digits registered in major trade sectors like manufacturing, mining, and agriculture goods.
Major exports in February 2017 were E&E products, valued at RM24.57 billion and making up 34.2% of total exports, which is an increase of 22.4% from February 2016.
Others were chemicals and chemical products worth RM5.91 billion making up 8.2% of total exports, an increase of 37.5%; petroleum products (RM5.21 billion, 7.3% of total exports, increased by 50.9%); palm oil and palm oil-based agriculture products (RM4.78 billion, 6.7% of total exports, increased by 63.5%); and machinery, equipment and parts (RM3.33 billion, 4.6% of total exports, increased by 12.9%).
Trade with Asean countries in February 2017 grew by 36.1% to RM39 billion from a year ago, while trade with China in February 2017 increased by 28.9% to RM19.79 billion, contributing 14.7% share to Malaysia’s total trade.
Malaysia’s other major trading partners for February 2017 included European Union (trade amounted to RM12.7 billion, a growth of 11.2%); Japan (RM11.84 billion, an increase of 17.3%); and US (RM11.58 billion, up by 8.6%).
Malaysia’s imports in February 2017 were higher by 27.7% to RM63.06 billion.
The three main categories of imports by end use were intermediate goods (valued at RM38.48 billion or 61% share of total imports, an increase of 39.9%, due mainly to higher imports of coal); capital goods (RM7.29 billion, 11.6% share, up 5.6%, due mainly to higher imports of air or gas compressors, hoods); and consumption goods (RM4.57 billion, 7.3% share, down 0.6%, with lower imports of food products.
During the January to February period in 2017, imports were valued at RM128.59 billion, an increase of 21.5% from the same period last year, with imports of intermediate goods amounting to RM76.86 billion, an expansion of 23.5%, capital goods (RM16.88 billion, up 20.5%); and consumption goods (RM10.32 billion, down by 1.2%).