The country's trade surplus soared 34.2 percent in March from the month before, boosted by electrical and electronic products, government statistics showed today.

Malaysia posted a surplus of RM5.1 billion in March from RM3.8 billion in February, marking the 53rd consecutive monthly trade surplus since November 1997, the International Trade and Industry Ministry said in a statement.

The US, Singapore, Japan, China and Hong Kong were the top five export destinations, jointly accounting for 59.5 percent of total exports in March.

Electrical and electronic products contributed 79.8 percent of Malaysia's exports to the United States, which rose by 34.6 percent after a sharp decline of 12 percent in January.

Exports to the Association of Southeast Asian Nations increased by 30.3 percent to RM7.8 billion, while those to Japan rose 6.3 percent to RM3.5 billion.

Exports to China, the fourth largest export market in March, posted an increase of 39.8 percent to RM1.7 billion in the highest monthly value ever recorded.

Malaysia's total exports in March rose 27.2 percent month-on-month to RM30.8 billion, with electrical and electronics products being the top revenue earner, accounting for 58.7 percent.

Total imports rose 25.7 percent at RM25.7 billion, mainly due to increase in imports of intermediate, capital goods and consumer goods.

Economy growth

Malaysia posted a trade surplus of RM13.3 billion for the first quarter of 2002, with total exports standing at RM82.5 billion and imports at RM69.2 billion.

Last year, Malaysia's trade surplus dipped 13.1 percent to RM53.73 billion due to the effects of the US recession.

Prime Minister Dr Mahathir Mohamad, who is also finance minister, has predicted the economy would grow three percent this year, down from an earlier official forecast of a four to five percent expansion.

The premier said the economy was likely to have grown 0.5-1.0 percent in 2001, down from an earlier government projection of 1.0-2.0 percent.