A trade surplus of RM11.06 billion was recorded in February 2019, up by 22.7 percent year-on-year compared to the same month last year, making it the 256th consecutive trade surplus month since November 1997.

The International Trade and Industry Ministry said in a statement today that the country’s exports in February recorded a decrease of 5.3 percent y-o-y to RM66.6 billion.

It added that imports posted a faster rate of contraction, declining 9.4 percent to RM55.54 billion.

“This resulted in Malaysia’s trade in February declining 7.2 percent to RM122.15 billion y-o-y.

“It was due to lower trade with China, Asean, the European Union, Switzerland, Hong Kong, India, South Korea and the United States. 

"Meanwhile, higher trade was recorded with Saudi Arabia, Australia, Taiwan and New Zealand," it said.

The ministry said exports of manufactured goods in February, which constituted 83.8 percent of total exports, contracted 4.3 percent to RM55.84 billion.

“This was mainly contributed by a decrease in the export of petroleum products, manufactures of metal, as well as optical and scientific equipment.

“However, higher exports were recorded for electrical and electronic products, iron and steel products, as well as paper and pulp products."

Trade with Asean in February, which made up 26.9 percent of Malaysia’s total trade or RM32.88 billion, declined 8.2 percent y-o-y, while trade with China – which accounts for 14.5 percent of Malaysia’s total trade – was down 16.7 per cent y-o-y to RM17.67 billion.

Meanwhile, trade with the EU in the month under review decreased 5.7 percent y-o-y to RM13.35 billion or 10.9 percent of total trade, while that with the US posted a decrease of 2.8 percent y-o-y to RM11.18 billion, or 9.2 percent of total trade.

Trade with Japan, which constitutes 8.3 percent of total trade, fell 0.9 percent y-o-y to RM10.17 billion.

- Bernama