Malaysia trade grows to $414 billion

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northportDespite a tough external environment, Malaysia’s trade last year expanded by 4.6 per cent to 1.36 trillion ringgit, or $414 billion, from 1.309 trillion ringgit in 2012, boosted by a better export performance.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said the trade surplus last year amounted to 70.63 billion ringgit, which was the 16th consecutive year of trade surplus.

Malaysia’s exports in 2013 grew by 2.4 per cent or 17.17 billion ringgit to 719.81 billion ringgit, boosted by better second half performance. Exports expanded by 8.9 per cent in the second half of 2013, compensating for a lacklustre first half performance.

The strong export growth of 14.4 per cent in December 2013 marked the sixth consecutive month of export growth since July 2013, the minister told a press conference in Kuala Lumpur on February 7.

Electronics products accounted for 30.9 per cent of total exports in December 2013, an increase of 12 per cent from December 2012. Refined petroleum products totaled 12.1 per cent of total exports, an increase of 62.7 per cent year-on-year. Liquefied natural gas exports increased 16.2 per cent. Palm oil and palm oil products totaled 6.3 per cent of the total exports, a 8.9 per cent decline.

As for imports, there was 14.8 per cent increase from a year ago. Intermediate goods valued at 53.2 per cent of total imports, an increase by 8.1 per cent. Capital goods totaled 17.8 per cent of total imports, a 17.8-per cent increase. Consumption goods imported into the country were 7.7 per cent of total imports, increasing 14.2 per cent increase on-year.

Major contributors to this performance included strong uptake by Asean especially to Indonesia, Singapore, Thailand, Vietnam, Brunei, Myanmar and Laos. Demand also improved due to the recovery in some countries of the European Union such as in the Netherlands, Germany, Italy, Belgium and Poland.  Other factors were growth in exports of manufacturing and mining sectors and higher imports by Free Trade Agreements partners such as Australia, China, South Korea Chile and New Zealand.

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Reading Time: 2 minutes

Despite a tough external environment, Malaysia’s trade last year expanded by 4.6 per cent to 1.36 trillion ringgit, or $414 billion, from 1.309 trillion ringgit in 2012, boosted by a better export performance.

Reading Time: 2 minutes

northportDespite a tough external environment, Malaysia’s trade last year expanded by 4.6 per cent to 1.36 trillion ringgit, or $414 billion, from 1.309 trillion ringgit in 2012, boosted by a better export performance.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said the trade surplus last year amounted to 70.63 billion ringgit, which was the 16th consecutive year of trade surplus.

Malaysia’s exports in 2013 grew by 2.4 per cent or 17.17 billion ringgit to 719.81 billion ringgit, boosted by better second half performance. Exports expanded by 8.9 per cent in the second half of 2013, compensating for a lacklustre first half performance.

The strong export growth of 14.4 per cent in December 2013 marked the sixth consecutive month of export growth since July 2013, the minister told a press conference in Kuala Lumpur on February 7.

Electronics products accounted for 30.9 per cent of total exports in December 2013, an increase of 12 per cent from December 2012. Refined petroleum products totaled 12.1 per cent of total exports, an increase of 62.7 per cent year-on-year. Liquefied natural gas exports increased 16.2 per cent. Palm oil and palm oil products totaled 6.3 per cent of the total exports, a 8.9 per cent decline.

As for imports, there was 14.8 per cent increase from a year ago. Intermediate goods valued at 53.2 per cent of total imports, an increase by 8.1 per cent. Capital goods totaled 17.8 per cent of total imports, a 17.8-per cent increase. Consumption goods imported into the country were 7.7 per cent of total imports, increasing 14.2 per cent increase on-year.

Major contributors to this performance included strong uptake by Asean especially to Indonesia, Singapore, Thailand, Vietnam, Brunei, Myanmar and Laos. Demand also improved due to the recovery in some countries of the European Union such as in the Netherlands, Germany, Italy, Belgium and Poland.  Other factors were growth in exports of manufacturing and mining sectors and higher imports by Free Trade Agreements partners such as Australia, China, South Korea Chile and New Zealand.

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