Malaysia trade breaches RM1 trillion

KUALA LUMPUR:Asian market spurred Malaysia's total trade between January
and October, breaching RM1 trillion mark, with exports clinching 15.8
per cent growth, the highest monthly figure ever recorded.


Exports surged by 9.1 per cent to RM557.16 billion, while imports
rose by 8.5 per cent to RM474.72 billion, bringing total trade to
RM1.052 trillion, up by 8.8 per cent, resulting in RM102.44 billion
trade surplus.



Announcing the trade figures today, International Trade and Industry
Minister Datuk Seri Mustapa Mohamed said exports maintained a steady
growth momentum, recording RM63.57 billion in October, the highest
monthly exports ever registered, up by 15.8 per cent compared with a
year ago.


"The positive export performance for the past 10 months makes
Malaysia’s export target for the year set at between six per cent and
seven per cent realisable," he said in a statement today.






However, ripple effects from the Eurozone and the United States'
financial doldrums may hit Asia. Hence, it was important for Malaysian
manufacturers and exporters to be on alert and be prepared for the
challenges ahead, he said.



Mustapa said imports rose by 4.6 per cent to RM50.35 billion, while total trade expanded by 10.6 per cent to RM113.91 billion.



Compared with September, total trade, exports and imports in October
were higher by 5.7 per cent, 8.3 per cent and 2.6 per cent,
respectively, Mustapa said.



He said manufactured exports, which accounted for 64.8 per cent of
total exports in October, increased by 2.2 per cent from a year ago.


Overall, manufactured goods contributed 10.5 per cent to October exports growth, he said.



The major thrust was provided by chemicals and chemical products,
metal manufactures and rubber products, which surged by 24.3 per cent,
38.5 per cent and 23.7 per cent, respectively, and helped offset the
impact of the lower exports of electrical and electronics (E&E)
products, which slid by nine per cent.


Commodities, mainly liquefied natural gas, palm oil, crude and
refined petroleum products, contributed 76.2 per cent to export growth
in October.



Mustapa said exports to Asean countries worth RM15.8 billion, up by
16.2 per cent from last year, accounted for 24.8 per cent of Malaysia’s
total exports in October.



He said higher exports were registered for refined petroleum
products, crude petroleum, chemicals and chemical products, palm oil,
metal manufactures, tin, iron and steel products, optical and scientific
equipment and non-metallic mineral products.



He said exports to all Asean countries, except for Laos, registered
growth, with the strongest seen to Indonesia, Thailand, the Philippines
and Vietnam.



In October, exports to China continued to thrive, expanding 37.1 per
cent year-on-year to RM8.66 billion, with a large product range that
includes commodities and manufactured goods such as E&E products,
metal manufactures, chemicals and chemical products and processed food,
he said.


Mustapa said Japan remained Malaysia's third largest export destination.


From meeting post-tsunami and earthquake requirements to new demands
arising from supply chain disruptions caused by the massive floods in
Thailand, exports to Japan rose 29.6 per cent to RM7.52 billion, he
said.


He said increased exports were seen for LNG, machinery, appliances
and parts, palm oil, wood products, chemicals and chemical products and
optical and scientific equipment.



The minister said exports to 27-member European Union (EU) increased
by five per cent to RM6.49 billion, due mainly to higher exports of
metal manufactures and palm oil.



He said Germany, the Netherlands and France remained the top three export markets.



The United States retained its position as the fourth largest export
market, with 7.9 per cent share of Malaysia’s total exports in October,
he said.



Mustapa said lower E&E products exports reduced exports by 5.5 per cent year-on-year basis.



The year-end festive season seemed to have little impact on
increasing demand, he said, adding that encouraging export growth was
seen in October to green field markets such as India, Bangladesh and
Nigeria.


He said total imports in October increased by 4.6 per cent to RM50.35 billion from October last year.



Intermediate goods worth RM31.99 billion accounted for 63.5 per cent
of total imports, capital goods (15.5 per cent) and consumption goods
(7.2 per cent), he said.



Asean countries continued to be the major source of imports, he added.- BERNAMA