Malaysia's trade surplus rose 76 percent in May from the previous month due to a sharper fall in imports but was down 22 percent year-on-year, the trade ministry said Monday.

Malaysia posted a surplus of RM3.7 billion in May, up from RM2.1 billion in April, the ministry said in preliminary figures released here.

But May's figure, which marked the country's 55th consecutive monthly surplus since November 1997, was lower than the RM4.8 billion recorded in the same period last year.

Total exports in May eased 0.1 percent to RM29.1 billion from the previous month due to lower exports of crude oil and wood products.

Electrical and electronics exports were down 0.3 percent from April at RM16.5 billion but remained the top revenue earner, accounting for 57 percent of total exports.

Total imports fell 5.9 percent to RM25.4 billion due to a decline in intermediate goods and capital goods imports.

Biggest export destinations

The US, Singapore, Japan, China and Hong Kong remained the top five export destinations, jointly accounting for 59.7 percent of total exports in May.

Exports to the United States fell five percent to RM6.1 billion in May due to declines in exports of electrical and electronic products, which made up 79 percent of total exports, and palm oil.

Shipments to Japan, Hong Kong, the European Union and West Asia increased in May but those to China and Southeast Asian countries declined.

For the first five months of the year, Malaysia posted a trade surplus of RM18.7 billion, with total exports dipping 0.9 percent to RM140.34 billion and imports rising 2.2 percent to RM121.59 billion.

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

In a separate statement, the statistics department said Malaysia posted a surplus of RM7.2 billion in its balance of payments in the quarter to March, up from RM4.3 billion in the previous quarter and down RM10.3 billion in the same period last year.

The government last week said the economy was expected to recover to growth of between three and five percent this year because of a pick up in external demand, domestic consumption and investment. — AFP