PETALING JAYA: Malaysia’s exports saw the highest monthly export value at RM95.7 billion in December 2020, a 10.8% year-on-year (yoy) increase from the same month in 2019, outpacing import growth for eight straight months, according to the latest figures by the Statistics department.
Following nine straight months of decline, the country saw imports rebound to grow at 1.6% yoy to RM75 billion.
In the previous year, Malaysia’s total trade amounted to RM1.8 trillion.
Malaysia’s chief statistician Datuk Seri Mohd Uzir Mahidin commented that exports continued its positive momentum in December last year, supported by both re-exports and domestic exports.
“Re-exports stood at RM17.6 billion contributed 18.4% to the total exports, surged by 22.9%. While the domestic export was valued at RM78.1 billion grew by 8.3%yoy,” he said in a statement.
On the other other hand, trade surplus soared by 64.9% to RM20.7 billion yoy.
“Total trade in December 2020, amounted to RM170.8 billion widened by 6.5% as compared to December 2019,” said Uzir.
According to the department, the growth in exports was supported mainly by higher exports to Singapore (RM2.2 billion), China (RM1.9 billion), the United States (RM1.7 billion), India (+RM1.62 billion), Hong Kong (RM1.60 billion) and the European Union (RM988.1 million).
Meanwhile, increases in imports were mainly from China (RM2.1 billion), India (RM772.9 million), Hong Kong (RM518.7 million) and Taiwan (RM466.0 million).
It elaborated that the main products which contributed to the increase in exports were electrical and electronic products (RM5.6 billion); rubber products (RM3.0 billion) and palm oil and palm oil-based agriculture products (RM2.6 billion).
Meanwhile, expansion in imports were noted for electrical and electronic products (RM2.7 billion) and chemical & chemical products (RM734.7 million).
For the month, the statistics department also saw imports by end use grew for consumption goods rose 3.3% or RM223.9 million to RM7.0 billion, which made up 9.4% of total imports.
On the other hand, imports for intermediate goods and capital goods posted a decrease. It revealed that imports of intermediate goods valued at RM39.8 billion or 53.1% share of total imports, a decline of 5.0% (-RM2.1 billion) and the imports of capital goods went down by 2.0% or RM169.5 million to RM8.4 billion.
“In addition, exports for the fourth quarter of 2020, also grew by 5.% from RM258.2 billion in 4Q’19 to RM271.5 billion. However, imports in Q4 of 2020, shrank by 4.5% from RM221.4 billion in 4Q’19 to RM211.6 billion, resulting in a trade surplus of RM483.0 billion (+0.7%),” said the chief statistician.
On the whole, he pointed out that Malaysia’s total trade in Q4’20, rebounded by 0.7% to RM483.0 billion from a decline of 0.5% in Q3’20.
“In tandem with softer global demand and unfavourable external economic conditions due to the Covid-19, Malaysia’s total exports in 2020 contracted by 1.4% to RM981.0 billion, from the preceding year while imports declined by 6.3% or RM53.2 billion to RM796.2 billion,” said Uzir.
In 2020, the country’s total trade reached RM1.8 billion, a yoy decline of 3.6%, while trade surplus widened by 26.9% to RM184.8 billion, the largest trade surplus ever recorded thus far.
Source: The Sun Daily
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