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Friday, 06 Jul, 2018

Malaysia’s May exports up 3.4 percent on year, imports up 0.1 percent

KUALA LUMPUR (July 5): Malaysia’s exports grew 3.4% year-on-year (y-o-y) to RM82.11 billion in May, with main contribution from the manufacturing growth of metal goods and electrical and electronic (E&E) products.

In a statement today, the Statistics Department said E&E products which made up 35.5% of total May exports, had risen 2.1% y-o-y to RM29.18 billion, while manufacturers of metal goods, which accounted for 5.3% of total exports, surged 44.7% to RM4.36 billion.

However, exports of palm oil and palm oil-based products, which accounted for 4.4% of total exports, shrank 24.7% y-o-y to RM3.63 billion, due to a decrease in export volume and average unit value increased (AUV).

Exports to China also rose 7.4% to RM27.14 billion in May, while exports to European Union surged 11.4% to RM8.92 billion and to Japan, exports grew 16% to RM5.57 billion. 

However, exports to Singapore contracted by 9.8% to RM11.13 billion and exports to U.S. were reduced by 5.6% to RM7 billion. 

Malaysia's May imports stay flat from a year earlier. The department said imports grew marginally by 0.1% to RM73.99 billion.

Total trade in May grew by 1.8%, valued at RM156.1 billion from a year earlier A trade surplus of RM8.12 billion was recorded in May, rising 47.1%  compared with a year ago.

Source : The Edge Markets

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