Malaysia’s records RM10.26 bil trade surplus for June

The international trade and industry ministry says June marked the 260th consecutive month of trade surplus since November 1997.

KUALA LUMPUR: Malaysia recorded a trade surplus of RM10.26 billion in June, which was 71% higher compared to the same month of the previous year, and marking the 260th consecutive month of trade surplus since November 1997.

The international trade and industry ministry (Miti) said, however, that Malaysia’s trade in June contracted by 6% from the same month of 2018 to RM142.08 billion.

It said exports were down by 3.1% to RM76.17 billion, with imports 9.2% lower at RM65.91 billion.

In a statement, Miti said lower trade was recorded with China, Hong Kong, Thailand, Singapore and Japan.

In contrast, higher trade was recorded with India, the Philippines and the United States.

For the six months of 2019, total trade decreased by 1% to RM895.95 billion compared to the same period of 2018. Exports declined 0.2% to RM481.53 billion and imports shrank by 1.8% to RM414.42 billion.

Miti said exports of manufactured goods in June, which accounted for 83.7% of total exports, declined 5% to RM63.79 billion, impacted by lower exports of electrical and electronic products (E&E), manufactures of metal, machinery, equipment and parts, rubber products and wood products.

Exports of agriculture goods declined by 0.8% to RM4.82 billion despite an increase in exports of palm oil and palm oil-based agriculture products, primarily palm oil, which rose by 7.9% to RM2.83 billion following higher volume.

Malaysia’s trade with Asean in June accounted for 26.5% of the country’s total trade and slipped 5.5% year-on-year to RM37.65 billion.