Malaysia’s trade has amounted to RM 144.8 billion in June this year, registering an expansion by 2.2 percent compared to the same month last year.
On a month-on-month basis, the total trade recorded a double-digit growth of 26 percent. Exports in June rebounded by 8.8 percent to RM82.9 billion from a decline of 25.5 percent in May 2020.
According to the Department of Statistics Malaysia (DoSM), the growth was the highest since Nov 2018. However, imports saw a decline by 5.6 percent y-o-y, registering value at RM62 billion.
Exports of manufactured goods which constituted 87.5 percent of total exports, grew by 13.7 per cent to RM72.5 billion compared to the same month a year ago. Exports of agriculture goods which represented 7.6 per cent of Malaysia’s exports increased 30.0 percent to RM6.3 billion y-o-y.
Exports of mining goods on the other hand saw a decline by 45.6 percent to RM3.8 billion and it accounts for 4.6 percent of Malaysia’s exports.
Domestic exports also recorded an increase of 9.5 per cent or RM6.1 billion to RM70.0 billion.
DoSM also reported that the upward trend of exports in June this year compared to the same month last year was mainly due to the higher exports of thermionic valves and tubes which expanded by RM2.3 billion or 13.9 percent to RM18.9 billion.
This was followed by accessories of textile fabrics, headgear of all materials, fixed vegetable fats and oils and musical instruments and parts.
Higher exports in June was recorded to China, US and Hong Kong however, exports to India had decreased.
“Two major destinations for Malaysia’s exports in June 2020 were China and Singapore,” said DoSM.
Exports to China which represented 17.8 per cent of Malaysia’s total exports or RM14.8 billion, registered a strong double-digit growth of 46.8 per cent or RM4.7 billion y-o-y.
Expansions in exports were recorded for iron and steel products (+RM956.0 million), manufacture of metal (+RM912.9 million), petroleum products (+RM756.1 million), palm oil and palm oil-based agriculture products (+RM677.2 million), optical and scientific equipment (+RM357.4 million) and electrical and electronic (E&E) products (+RM300.3 million).
Exports to China for the first six months of 2020 stood at RM69.4 billion, rose 8.3 per cent compared to the same period of 2019.
Additionally, exports to Singapore rose by 3.7 percent or RM395.6 million y-o-y to RM11.0 billion.
Overall, exports for the Q2 of 2020 was lower by 14.3 percent to RM210.3 billion compared to the same period in 2019. Furthermore, in comparison to the Q1 of 2020, exports also saw a decline by 11.9 percent from RM238.7 billion.
“Trade surplus widened by 98.7 percent to RM20.9 billion, making it the largest trade surplus ever recorded thus far. It also increased by 101.1 percent from RM10.4 billion when compared to the previous month,” said DoSM.