Malaysia’s August exports rise 18.4%
KUALA LUMPUR: Malaysia’s exports rose 18.4 per cent to 95.59 billion ringgit ($22.85 billion) in August from a year ago, as exports to all major markets, Asean, China, the US, the European Union (EU), and Japan recorded a positive growth, official data showed on Tuesday.
The export growth was contributed mainly by robust external demand for petroleum products, electrical and electronic products mainly due to higher shipments of semiconductors as well as chemicals and chemical products, the Malaysian Ministry of International Trade and Industry said in a statement.
Meanwhile, the total trade increased 15.7 per cent to 169.79 billion ringgit in August. Imports expanded by 12.5 per cent to 74.2 billion ringgit, while trade surplus was up 44.7 per cent to 21.39 billion ringgit.
For the first eight months of 2021, Malaysia’s trade expanded 22.9 per cent to 1.41 trillion from the same period last year.
Exports for the period grew 24.9 per cent to 778.49 billion ringgit; imports rose 20.4 per cent to 628.29 billion ringgit; and trade surplus surged 48.2 per cent to 150.2 billion ringgit.
In August, Malaysia’s trade with China recorded a growth of 14.3 per cent year-on-year to 32.17 billion ringgit, the ninth consecutive month of double-digit expansion, which represented 18.9 per cent of Malaysia’s total trade.
Malaysia’s exports to China improved 5.7 per cent to 15.19 billion ringgit; following higher exports of liquefied natural gas, as well as chemicals and chemical products.
Meanwhile, Malaysia’s imports from China for the month rose 23.4 per cent to 16.99 billion ringgit. For the first eight months, Malaysia’s trade with China grew 27.8 per cent y-o-y to 265.65 billion ringgit.
Malaysia’s exports to China for the period edged up 19 per cent y-o-y to 118.48 billion ringgit on the back of higher exports of E&E products, LNG, manufacturing metal parts, as well as chemicals and chemical products.
Malaysia’s imports from China for the period also rose 35.8 per cent y-o-y to 147.16 billion ringgit.
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