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Miti: M’sian trade performance strongest in 13 years

Malaysia’s total trade surged by a stellar 19.4 percent to RM1.77 trillion last year compared with the RM1.49 trillion in 2016, with Asean members taking in 29.2 percent of the country’s exports, International Trade and Industry Minister Mustapa Mohamed said today.

“Trade performance was the strongest in 13 years, and exports grew significantly by 18.9 percent, the strongest growth since 2005, to reach a new high of RM935.39 billion.

“Imports also recorded the highest value of RM838.14 billion, expanding by 19.9 percent. Trade surplus widened by 10.3 percent to RM97.25 billion, the largest surplus registered since 2012. This was the 20th consecutive year of trade surplus since 1998,” said Mustapa in a press conference here today.

Trade with Asean expanded by 21 percent or RM84.49 billion, China increase 20.6 percent or RM49.68 billion, the European Union (17.5 percent or RM26.05 billion), the United States (16.3 percent or RM22.12 billion) and Japan (14.7 percent or RM17.77 billion).

Among the major highlights of 2017 trade were double-digit year-on-year growth recorded for all months, with the exception for June and December, and all sectors also recorded strong expansion with double-digit growth.

Total trade for the fourth quarter of 2017 expanded by 13.3 percent to RM462.62 billion compared with the same quarter in 2016. Exports increased by 12.4 percent to RM245.14 billion, while imports rose by 14.4 percent to RM217.48 billion, said Mustapa.

This resulted in a trade surplus of RM27.66 billion. Compared with Q317, trade, exports and imports increased by 2.4 percent, 2.5 percent and 2.3 percent, respectively.

Malaysia’s total trade for December 2017 recorded 6.2 percent growth to RM151.41 billion compared with a year ago. A higher trade surplus of RM7.25 billion was also registered in December, making it the 242nd consecutive month of trade surplus since November 1997.

Exports in December expanded by 4.7 percent year-on-year to RM79.33 billion.

“Exports to Asean expanded by 18 percent to RM272.79 billion, contributing 29.2 percent to Malaysia’s total exports. The increase was mainly led by manufactured goods, which grew by 18 percent and accounted for 89 percent of total exports to Asean,” said Mustapa.

China continued to be Malaysia’s largest trading partner for nine consecutive years since 2009.

In 2017, total trade with China surged by 20.6 percent to RM290.65 billion, where exports increased 28 percent to RM126.15 billion and imports rose 15.5 percent to RM164.5 billion.

Meanwhile, trade with Japan jumped 14.7 percent to RM138.5 billion last year, as exports to expanded by 17.5 percent to RM74.89 billion, rebounding sharply from two consecutive years of negative growth.

Electrical and electronic products remained as the largest export sector last year, at 36.7 percent of the nation’s total exports worth RM343 billion after expanding by 19.2 percent or RM55.19 billion.

The products, which saw over RM3 billion increase in exports, included electronic integrated circuits, computers and data processing equipment, as well as parts and accessories for office machines.

Other manufactured products that contributed to last year’s exports growth were petroleum products, chemicals and chemical products, rubber products, iron and steel products, manufactures of metal, optical and scientific equipment and transport equipment.

Exports of mining goods surged 23.9 percent to RM80.6 billion and totalled 8.6 percent share of total exports in 2017.

Liquefied natural gas exports jumped 23.7 percent to RM40.46 billion on higher average unit value (AUV) and volume, while exports of crude petroleum soared 25.3 percent to RM27.97 billion supported by higher AUV.

Meanwhile, exports of agriculture goods grew by 10.9 percent to RM78.12 billion and accounted for 8.4 percent share of total exports. Palm oil and palm oil-based agriculture products, as well as natural rubber, were the main contributors to rise in exports.

Exports of palm oil and palm oil-based agriculture products increased by 11.5 percent to RM53.85 billion. This was contributed by higher palm oil exports, which grew 11.3 percent on higher AUV.

Natural rubber exports surged 30.8 percent to RM4.73 billion also on account of higher AUV.

- Bernama

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