Malaysia has recorded a trade surplus of RM10.58 billion in February 2012 on the back of a 16.1 percent increase in total trade to RM103.15 billion.

The International Trade and Industry Ministry (Miti) said the country’s exports continued to expand in February, increasing by 14.5 percent to RM56.87 billion while imports increased 18 percent to RM46.29 billion.

In the latest Malaysia External Trade Statistics, it said the major export products were electrical and electronic products which increased by 7.8 percent to RM18.6 billion, liquefied natural gas (LNG) which rose by 36.1 percent to RM4.57 billion, palm oil which added 7.9 percent to RM4.5 billion, chemicals and chemical products which improved by 10.2 percent to RM4.08 billion and crude petroleum which rose by 48.3 percent to RM3.53 billion.

Miti said increased manufacturing activities in Asean, steady growth in production output in China and improved momentum in economic recovery in the US were among factors which contributed to the increase of Malaysia’s exports in February.

In term of imports, the main categories by end use were intermediate goods valued at RM29.67 billion or 64.1 percent of total imports, capital goods at RM6.99 billion or 15.1 percent of total imports, and consumption goods at RM3.19 billion or 6.9 percent of total imports.

The major import products were electrical and electronic goods (RM13.3 billion); chemicals and chemical products (RM4.22 billion); and machinery, appliances and parts (RM3.98 billion).

Miti said Malaysia’s total imports for February from Asean amounted to RM14.08 billion or 30.4 percent of the country’s total imports.

For the January-February 2012 period, the country posted a trade surplus of RM19.33 billion with total trade expanding by 8.5 percent to RM204.54 billion.

Exports increased 7.1 percent to RM111.94 billion while imports rose  10.2 percent to RM92.61 billion in the first two months of 2012.

Bank Negara Malaysia has projected Malaysia’s merchandise exports to grow 3.2 percent in 2012 while MITI has forecasted exports to increase 5.0 to 6.0 percent.

“The projections are in tandem with expectation that the world economic growth will be slower this year and that global trade will moderate in the first half of the year but is expected to pick up momentum in the second half,” the ministry said.

- Bernama