Based on the data released by the international trade and industry ministry (Miti), imports and trade surplus expanded by 25.4% and 30% respectively, with higher trade registered with China, Saudi Arabia, Taiwan, Australia and the United States.
“Exports of manufactured goods in March 2019, which accounted for 84.2% of total exports expanded by 1.5% to RM70.81 billion.
“This was attributed to higher exports of petroleum products, optical and scientific equipment, chemicals and chemical products, processed food as well as paper and pulp products,” it said in a statement today on trade performance for March 2019 and the period of January to March 2019.
Compared to February 2019, exports of manufactured, mining and agriculture goods surged by 26.8%, 24.2% and 22.2% respectively.
“During the first quarter (Q1) of 2019, exports of manufactured goods expanded by 0.3% to RM196.88 billion compared to Q1 2018, supported by higher exports of electrical and electronic (E&E) products, chemicals and chemical products, jewellery, optical and scientific equipment, paper and pulp products as well as processed food,” it said.
As for mining goods exports, it increased by 3.8% to RM21.97 billion, contributed by higher exports of LNG while exports of agriculture goods contracted by 12.5% to RM15.59 billion, owing mainly to lower exports of palm oil and palm oil-based agriculture products.
Miti also said that trade with China which made up 16.5% of total trade of the country rose by 13.6% year-on-year (y-o-y) to RM25.44 billion in March 2019, while in Q1 2019 it has expanded by 4.5% to RM72.02 billion compared to Q1 2018.
“Exports grew by 11.8% to RM11.67 billion steered by higher exports of petroleum products, E&E products, chemicals and chemical products, LNG as well as metalliferous ores and metal scrap,” it said.
Compared with February 2019, trade, exports and imports were higher by 44%, 37.3% and 50.2% respectively.
As for trade with the US, it rose by 2.1% y-o-y to RM13.46 billion or 8.8% of Malaysia’s total trade in March 2019.
“Imports from the US expanded by 10.6% to RM5.83 billion, backed by higher exports for optical and scientific equipment, rubber products, palm oil-based manufactured products, iron and steel products as well as processed food, despite slips in exports for transport equipment, petroleum products, manufactured metal products s well as chemicals and chemical products,” it said.
Meanwhile, Malaysia’s trade in March 2019 decreased marginally by 0.3% to RM153.73 billion compared to March 2018 with lower trade recorded with Japan, Asean, India, Hong Kong, the European Union, the Republic of Korea and Turkey.
“Compared to Q4 2018, total trade, exports and imports contracted by 12%, 10.8%, 13.4% respectively. Trade surplus expanded by 6.1%,” it said.