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PETALING JAYA: Malaysia's exports rose 3.4% to RM 82.1 billion in May, outpacing imports, which rose only 0.1% to RM74 billion, according to the Ministry of Statistics
. ] "Exports in May 2018, valued at RM 82.1 billion, continued to exceed RM 80 billion, up 3.4% from the previous year. Re-exports were valued at RM 16.3 billion (+ 21.4%) and accounted for 19.8% of total exports. Domestic exports fell by 0.3 percent, from RM 178.0 million to RM65.9 billion, "said chief statistician Datuk Seri Mohd Uzir Mahidin in a statement today.
" Imports , however, recorded a marginal increase of 0.1% to RM 74 billion, which translates into a higher trade surplus of RM 8.1 billion (+ 47.1%). This is the fifth consecutive month where export growth has outpaced imports. At the same time, total trade increased by RM 2.8 billion (+ 1.8%) compared with the previous year.
Liquefied Natural Gas (LNG), which accounted for 3.8% of total exports, rose 61% to RM3.1. Due to the 68.7% increase in export volume, crude oil, which accounted for 3.8% of total exports, rose 45.8% to RMB 3.1 billion
Electrical and electronic products, which accounted for 35.5% of total exports, increased by 2.1% to RM 29.2 billion.
Meanwhile, palm oil and palm oil products accounted for 7% of the total. Exports of palm oil, the main commodity in this product group, fell by RM 1 billion, or 24.2%, due to lower exports (14.5%) and average unit value (11.4%) ", said Mohd Uzir
Wood and wood products, which accounted for 2.1% of total exports, decreased by 14.3% to 1, 7 billion rand World trade, estimated at RM156.1 billion, increased by 1.8%, or 1.8% to RM2.8 billion compared to the previous year. total trade rose 0.4% or RM 631.8 million compared to April.
The trade surplus stood at RM 8.1 billion, reflecting an increase of 2 , 6 billion RM, or 47.1% over the previous year.One month to month, the trade surplus was 4.9% billion RM, or 37.7% less than in April [19659002] Imports increased marginally from 0.1% to RM 74 billion in May year-on-year. All major categories of end – use imports and major economic categories registered a decline during the month.
Intermediate goods, which accounted for 54.1% of total imports, decreased by 5.3% to RM 40.1 billion while consumer goods 8.1% of total imports decreased by 10.2%. % to RM 6 billion. Capital goods, which accounted for 13.3% of total imports, decreased by 0.7% to RMB 9.8 billion.
China was Malaysia's largest trading partner, accounting for 16.2 percent of total trade of RM 753.5 billion from January to May. Singapore follows with 12.7% and the European Union (EU) with 10.3%.
On an annual basis, export growth was fueled by the expansion of exports to Hong Kong, the EU, Vietnam, China and Japan, while imports from China, Taiwan, Singapore, Saudi Arabia and the Republic of Korea were on the rise.
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