Thursday 30 May 2024
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KUALA LUMPUR (March 4): Malaysia's exports increased 3.1% year-on-year (y-o-y) to RM85.4 billion in January 2019, mainly contributed by expansion in exports of electrical and electronic (E&E) products.

"Re-exports was valued at RM17.5 billion (+0.4%) and accounted for 20.5% of total exports. Domestic exports increased RM2.5 billion or 3.9% to RM67.9 billion.

"Imports also grew 1.0% y-o-y to RM73.9 billion. Total trade in January 2019 grew 2.1% to reach RM159.3 billion from January 2018. The trade surplus was RM11.5 billion, surged 19.2% or RM1.9 billion compared to the previous year," said the Statistics Department's chief statistician Datuk Seri Dr Mohd Uzir Mahidin in a statement.

The department said exports growth for the month was contributed by higher exports to China, Thailand, Republic of Korea and the US, while higher imports were mainly from China, Saudi Arabia and Taiwan.

The main products that saw exports growth in January were E&E products, liquefied natural gas (LNG), and timber and timber-based products.

On the other hand, exports of refined petroleum products, palm oil and palm oil-based products, crude petroleum and natural rubber saw lower exports y-o-y.

On a month-on-month (m-o-m) basis, exports grew 2.2% or RM1.9 billion from RM83.5 billion amid increases in E&E, LNG, and palm oil and palm oil-based products exports.

The y-o-y growth in imports was attributed mainly to imports of consumption goods, which increased 3.3% to RM6.5 billion, while imports of capital and intermediate goods fell. On a m-o-m basis, imports increased 1.4% to RM72.9 billion.

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