Malaysia’s Exports Hits Record RM95.7b In December

KUALA LUMPUR: Malaysia recorded the highest exports of RM95.7bil in December, supported by both, re-exports and domestic exports, the Statistics Department said.

In its statement on Friday, it said the exports in December 2020 were 10% higher from a year ago and exceeded the 6.6% rise forecast by analysts surveyed by Reuters. It was also was quicker than the 4.3% growth posted in November.

The Statistics Department said re-exports totalled RM17.6bil — which contributed 18.4% to the total exports — surging by 22.9%. Domestic exports totalled RM78.1bil, up by 8.3% year-on-year (y-o-y).

The expansion in exports was supported mainly by higher exports to Singapore (+RM2.2bil), China (+RM1.9bil), the US (+RM1.7bil), India (+RM1.62bil), Hong Kong (+RM1.60bil) and the EU (+RM988.1mil).

The main products which contributed to the increase in exports were electrical and electronic products (+RM5.6bil); rubber products (+RM3bil) and palm oil and palm oil-based agriculture products (+RM2.6bil).

After nine consecutive months of decline, imports rebounded to increase by 1.6% to RM75bil.

The Statistics Department said expansion in imports were noted for electrical and electronic products (+RM2.7bil) and chemical & chemical products (+RM734.7mil).

Imports by end-use recorded an increase for consumption goods, which grew by 3.3% or RM223.9mil to RM7bil and comprised 9.4% of total imports.

Nevertheless, imports for intermediate goods and capital goods declined by 5% to RM39.8bil. Imports of capital goods fell 2% or RM169.5mil to RM8.4bil.

Trade surplus in December soared by 64.9% to RM20.7bil y-o-y.

Total trade in December was RM170.8bil, up by 6.5% from December 2019.

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said in tandem with softer global demand and unfavourable external economic conditions due to the Covid-19, Malaysia’s total exports in 2020 contracted by 1.4% to RM981bil from 2019 while imports declined by 6.3% or RM53.2bil to RM796.2bil.

“Total trade in 2020 shrank by 3.6% to RM1.8 trillion from a year ago. Trade surplus widened by 26.9% to RM184.8bil, the largest trade surplus ever recorded thus far, ” he said.

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