Manufactured, agriculture goods record double-digit growth in June

Manufactured, agriculture goods record double-digit growth in June

28 Jul 2020

Exports of manufactured goods in June 2020, which made up 87.5 per cent of total exports, picked up by 13.7 per cent year-on-year (y-o-y) to RM72.48 billion, according to the Ministry of International Trade and Industry (MITI).

It said the expansion was due mainly to higher demand for electrical and electronics products, rubber products, other manufactures particularly solid-state storage devices, optical and scientific equipment, machinery, equipment and parts, wood products, iron and steel products, as well as manufactures of metal.

“Exports of agriculture goods which constitute 7.6 per cent of the total exports rose by 30 per cent compared to June 2019 to RM6.27 billion, underpinned mainly by higher exports of palm oil and palm oil-based agriculture products,” MITI said in a statement today.

The ministry added that exports of mining goods (4.6 per cent share) dropped by 45.6 per cent y-o-y to RM3.79 billion, weighed down by lower exports of crude petroleum and liquefied natural gas.

Malaysia’s exports rebounded in June 2020, growing by 8.8 per cent to RM82.87 billion compared to June 2019 while total trade expanded by 2.2 per cent to RM144.84 billion.

Increases in trade were recorded primarily with China, the United States (US), Hong Kong, and Vietnam.

Meanwhile, imports decreased by 5.6 per cent to RM61.98 billion, resulting in a trade surplus of RM20.89 billion in June 2020, a growth of 98.7 per cent y-o-y and the highest monthly trade surplus ever recorded.

On a month-on-month (m-o-m) basis, total trade, exports and imports recorded double-digit growth of 26 per cent, 32.3 per cent and 18.6 per cent, respectively, while trade surplus surged by 101.1 per cent.

“This better performance is in line with the gradual lifting of restrictions due to COVID-19 pandemic in Malaysia and globally.”

MITI said, for the first half of 2020, total trade amounted to RM833.36 billion, down seven per cent compared to the same period in 2019, while lower trade was recorded with Thailand, Singapore, India, Japan and Germany. Higher trade was registered with South Korea and the US.

Exports during the period totalled RM448.99 billion, a decline of 6.8 per cent, while imports amounted to RM384.38 billion, down by 7.2 per cent.

Trade surplus fell 4.1 per cent to RM64.61 billion in the period.

Source: Bernama