Trade surplus shrinks six percent

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Malaysia's trade surplus last year fell 5.9 percent to RM50.9 billion as the growth in imports outstripped rising exports, the government said.

The Ministry of International Trade and Industry (Miti) said exports increased six percent to RM354.4 billion while imports rose by 8.3 percent to RM303.5 billion.

Exports of most products rose in 2002, with electrical and electronic products accounting for RM197.9 billion or 55.8 percent of the total, it said.

Palm oil exports rose 46.3 percent to RM17.2 billion, accounting for 4.9 percent of total exports. Chemical shipments expanded by 17.1 percent and crude petroleum by 3.7 percent.

Liquefied natural gas exports, however, declined by 8.2 percent to RM11.4 billion, while textiles and clothing fell 5.2 percent to RM8.4 billion and refined petroleum products exports were down 10.7 percent at 6.8 billion.

Largest export market

The Association of Southeast Asian Nations (Asean) remained Malaysia's largest export market in 2002, absorbing RM92.3 billion or 26 percent of the country's total exports.

Exports to the United States rose 5.7 percent to RM71.5 billion, while shipments to China were up 36 percent at RM20 billion and Hong Kong was up 30.4 percent at RM20.1 billion.

Miti said exports to Japan declined 10.4 percent to RM39.8 billion and those to the Netherlands were down 14.9 percent at RM13.1 billion.

Overall exports to the European Union decreased by 3.3 percent to RM43.9 billion. - AFP



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