KUALA LUMPUR, Nov 27 — Malaysia’s trade surplus in October 2020 widened to RM22.12 billion, registering a double-digit growth of 25.9 per cent year-on-year (y-o-y) and was the highest trade surplus ever recorded for the month.
The Ministry of International Trade and Industry (MITI) said exports reached RM91.05 billion in October 2020, increasing by 0.2 per cent compared to October 2019 and this was the third highest export value recorded thus far.
“The expansion was supported mainly by higher exports to the United States (US), China, India, and the United Kingdom (UK),” it said in a statement, today.
MITI said imports totalled RM68.93 billion, decreasing by 6.0 per cent while total trade valued at RM159.98 billion, contracting by 2.5 per cent.
Compared to September 2020, MITI said total trade, exports and imports in October 2020 expanded by 2.6 per cent, 2.4 per cent and 2.9 per cent, respectively, while trade surplus increased by 0.8 per cent.
MITI said manufactured and agriculture goods contributed to export growth in October 2020.
“Exports of manufactured goods in October 2020, which contributed to 87.8 per cent of total exports, picked up by 2.5 per cent y-o-y to RM79.94 billion, mainly due to higher exports of rubber and electrical and electronics (E&E) products,” it said.
Meanwhile, exports of agriculture goods surged by 28.7 per cent to RM7.17 billion compared to October 2019, boosted mainly by higher shipments of palm oil and palm oil-based agriculture products.
Besides, trade with ASEAN in October 2020, which constituted RM41.15 billion or 25.7 per cent of Malaysia’s total trade, decreased by 10.4 per cent compared to October 2019.
“Exports dropped by 3.6 per cent to RM25.73 billion owing mainly to lower exports of crude petroleum, petroleum products and manufactures of metal.
“The contraction, however, was moderated by higher exports of E&E products which increased by 18.5 per cent or RM1.77 billion,” it said.
In addition, exports growth momentum to China continued, increasing by 4.9 cent to RM14.27 billion, mainly on higher exports of E&E products, iron and steel products, other manufactures (SSD), manufactures of metal, as well as rubber products.
Meanwhile, exports to the US recorded a double-digit growth for five consecutive months, expanding by 25.6 per cent to RM11.23 billion in October 2020.
It said exports o the European Union continued to expand for two consecutive months, recording a 4.7 per cent growth at RM7.77 billion, boosted by higher exports of rubber products, as well as palm oil and palm oil-based agriculture products.
Exports of manufactured goods to Japan continued to increase by 6.9 per cent to RM4.04 billion, mainly on higher exports of rubber products, petroleum products, as well as E&E products, it said.
“Exports to Free Trade Agreement partners amounted to RM60.68 billion, decreasing by 2.4 per cent while imports contracted by 9.2 per cent to RM44.43 billion,’ it said.
Meanwhile, import in October 2020 contracted by 6.0 per cent y-o-y to RM68.93 billion from RM73.29 billion in Oct 2019.