28.12.2020 (www.nst.com.my) - KUALA LUMPUR: Malaysia's exports increased 4.3 per cent to RM84.43 billion in November compared to the same month last year, registering three consecutive months of year-on-year (Y-o-Y) growth.
The Ministry of International Trade and Industry (MITI) said the expansion was supported mainly by higher exports to the US, Singapore, China and Hong Kong.
It said imports in November were RM67.61 billion, down nine per cent Y-o-Y while total trade reached RM152.04 billion, contracted by two per cent.
Trade surplus amounted to RM16.82 billion, surging by 151.6 per cent, and was the highest trade surplus thus far for the month of November.
Compared to October 2020, total trade, exports, imports and trade surplus decreased five per cent, 7.3 per cent, 1.9 per cent and 24 per cent respectively.
The ministry said for the first 11 months of 2020, trade surplus recorded a double digit growth of 23.1 per cent to RM163.86 billion compared to the same period of 2019.
Total trade was valued at RM1.61 trillion, a decline of 4.6 per cent.
Exports stood at RM885.02 billion, contracting by 2.6 per cent while imports was RM721.16 billion, decreased by seven per cent.
Exports of manufactured goods, which contributed to 88.1 per cent of total exports, rose by 8.1 per cent Y-o-Y to RM74.34 billion in November.
"The growth was buoyed mainly by higher exports of electrical and electronic (E&E) products as well as rubber products," it said.
The ministry said exports of rubber products recorded resilient performance with 13 consecutive months of growth.
It said higher exports were also registered for other manufactures especially solid-state storage devices (SSD), wood products as well as optical, scientific and equipment.
Exports of agriculture goods (6.7 per cent share) increased by six per cent to RM5.65 billion compared to a year ago driven mainly by higher exports of palm oil and palm oil-based agriculture products.
Exports of mining goods (4.9 per cent share) contracted by 34.6 per cent Y-o-Y to RM4.15 billion following lower exports of liquefied natural gas (LNG), crude petroleum as well as petroleum condensates and other petroleum oil.
MajOr exports in November 2020 were E&E products at RM34.1 billion (40.4 per cent), rubber products at RM4.5 billion (6.1 per cent), petroleum products at RM4.5 billion (5.3 per cent), chemicals and chemical products at RM4.46 billion (5.3 per cent) and palm oil and palm oil-based agriculture products at RM4.01 billion (4.7 per cent).