KUALA LUMPUR (Feb 5): Malaysian exports rose 1.4% to RM68.3 billion in December from a year earlier driven by higher sales of electrical and electronic (E&E) products and timber and timber-based products to major buyers.
However, the annual export growth in December was slower compared with the median forecast of 5% growth polled by Reuters.
In a statement today, the Statistics Department said exports in oil and gas-related products, which included liquefied natural gas, crude petroleum and refined petroleum products, recorded a decline.
The exports of palm oil, palm-based products and natural rubber also fell.
According to Statistic Department, E&E accounted for 36.3% of total exports, while timber and timber-based products contributed 2.9% of total exports.
In geographical terms, the department said Malaysia had sold more goods to the US, Thailand, European Union and Indonesia.
Year-on-year (y-o-y) imports increased 3.2% to RM60.3 billion, mainly attributed to China (+RM940.5 million), Indonesia (+RM605.1 million), Thailand (+RM404.7 million) and Brazil (+RM360.6 million).
However, in seasonally adjusted terms, imports decreased 2.9% month-on-month to RM58.6 billion.
The Statistic Department said the total trade in December was valued at RM128.6 billion, representing an increase of RM2.8 billion or 2.2% from a year ago.
"It also posted an increase of RM3.6 billion or 2.9% when compared to the previous month," the department said.
On a y-o-y basis, a trade surplus of RM8 billion was recorded, a decline of RM916.2 million or 10.3%; it showed a decrease of RM2.2 billion or 22% compared with the immediate preceding month.
Reuters reported that December's exports are expected to slow slightly from the previous month's pace due to weak global demand and slumping oil prices.
The median forecast was for a 5% expansion in December from a year earlier, compared with a 6.3% rise in November.
Imports were forecast to grow 4.3% in December from a year earlier, slowing sharply from November's pace of 9.1%, the report added.