Malaysia’s exports surged 13.6% in January 2017 to RM70.24bil, underpinned by double-digit growth in all major sectors. The Ministry of International Trade and Industry (MITI) said the January exports were the highest for the month of January, surpassing the RM64.05bil registered in January 2014. It said imports expanded by 16.1% to RM65.53bil. January trade was up 14.8% to RM135.77bil as compared with RM118.31bil a year ago, boosted by expansion in trade with China, Asean, Japan, the US, Taiwan, Australia and the EU. The country recorded a trade balance of RM4.71bil.
MITI said exports of manufactured goods increased by 12.2% while mining and agricultural goods grew by 18% and 16.1%. Exports of manufactured goods were valued at RM56.77bil – accounting for 80.8% share of total exports. Exports of petroleum products surged by 81.7% to RM6.09bil while exports of mining goods rose 18.8% to RM6.68bil and exports of agricultural goods rose 16.1% to RM6.12bil, mainly due to palm oil and palm oil-based agriculture products. Electrical and electronics products increased by 11.4% from a year ago to RM24.89bil or 35.4% of total exports.
As for imports, the increase by 16.1% to RM65.53bil from a year ago was due to intermediate goods, capital goods and consumption goods. Intermediate goods were valued at RM38.36bil or 58.5% of total imports mainly due to higher imports of electronic integrated circuits such as processors and controllers. Capital goods imported into Malaysia totalled RM9.61bil and were up 35.2% due to higher imports of vessels. As for consumption goods, there was a 1.6% decline to RM5.74bil with lower imports of food products.