Malaysia’s total trade in September 2020 expanded by 5.5 percent to RM155.88 billion compared to September 2019. Increase in trade were recorded with China, Hong Kong SAR, United States, Netherlands and Taiwan.
According to the Ministry of International Trade and Industry (MITI), exports has rebounded by a double digit growth of 13.6 percent to RM 88.93 billion, the highest export value recorded for the month of September.
Meanwhile, imports have decreased by 3.6 percent to RM66.96 billion.
Trade surplus in September however surged by 149.3 percent y-o-y to RM21.97 billion and was the highest trade surplus recorded for the month of September.
“Compared to August 2020, total trade, exports and imports grew by 7.5%, 12.4% and 1.6% respectively. Trade surplus had recorded significant expansion of 66.3%,” said MITI.
As for total imports in September 2020, data shows imports have contracted by 3.6 percent y-o-y to RM66.96 billion from RM69.44 billion in September 2019.
Additionally, the total trade for third quarter (Q3) of 2020 amounted to RM460.87 billion, declined marginally by 0.5 percent compared to Q3 2019 and exports in the same quarter increased by 4.4 percent to RM260.62 billion. Imports on the other hand contracted by 6.3 percent to RM200. 25 billion.
Trade surplus for the quarter grew by 68.4 percent to RM60.36 billion.
Compared to the second quarter of the year, total trade, exports and imports registered strong growth of 17.3 percent, 24 percent and 9.6 percent respectively. Trade surplus for Q2 surged by 118.6 percent.
Amounting for the first nine months of the year, trade surplus recorded a double digit growth of 14.8 percent to RM124.94 billion compared to the same period of 2019.
“Total trade was valued at RM1.294 trillion, a decline of 5.2% mainly on lower trade with Thailand, Singapore, India and Japan. However, higher trade was registered with the US, ROK, China and Bahrain. Exports during the period totalled RM 709.56 billion slipped by 3.7% while imports was RM584.64 billion, declined by 6.9%,” report by MITI showed.