The country's trade surplus rose 23 percent year-on-year in June and was up eight percent from the previous month on export growth, the trade ministry said Thursday.

Malaysia posted a surplus of RM4 billion in June, up from RM3.7 billion in May, the ministry said in preliminary figures released here.

June's figure also beat the RM3.3 billion recorded in the same month last year and marked the country's 56th consecutive monthly surplus since November 1997, it said.

"Malaysia's export performance has been relatively stable for the last three months. Total exports of goods in June amounted to RM29 billion, compared to RM29.1 billion in May and April," it said.

It said higher exports of electrical and electronic products, crude petroleum, wood products, liquefied natural gas and transport equipment offset decline in exports of chemical and chemical products, machinery, appliances and parts, and palm oil.

Electrical and electronics exports were up 0.1 percent from May at RM16.5 billion but remained the top revenue earner, accounting for 57 percent of total exports.

Total imports fell 1.5 percent from May to RM25.1 billion due to a decline in intermediate goods and consumption goods imports.

Exports up

The United States, Singapore, Japan, China and Hong Kong remained the top five export destinations, jointly accounting for 60.6 percent of total exports in June.

The major markets that showed increases in exports over the previous month were the US, Singapore and China.

Exports to the US rose three percent month-on-month to RM6.3 billion in June after two straight months of decline. Electrical and electronic exports, which made up 79.1 percent of total exports to US, rose 2.8 percent.

For the first half of the year, Malaysia posted a trade surplus of RM22.71 billion, with total exports rising 0.2 percent to RM169.37 billion and imports rising 2.4 percent to RM146.66 billion.

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

The government has forecast the economy to recover to grow between three and five percent this year because of a pick up in external demand, domestic consumption and investment. — AFP