Trade with ASEAN slips by 10.5% during first 9 months of 2020

Flag of Association of SouthEast Asian Nations (ASEAN)

Malaysia’s trade with ASEAN in Sept 2020 has increased by 0.5 percent compared to Sept 2019, contributing RM38.79 (24.9 percent) to Malaysia’s total trade.

According to the Ministry of International Trade and Industry Malaysia , exports rebounded by 6.7 percent to RM23.1 billion backed mainly by higher exports of E&E products which increased by 47.8 percent or RM3.2 billion. Exports to markets that recorded expansion include Singapore, Viet Nam and the Philippines.

Imports from ASEAN however declined by 7.4 percent to RM 15.69 billion.

Compared to August 2020, trade, exports and imports were up by 8.9 percent, 9.6 percent and 7.8 percent, respectively.

During the first nine months of the year, trade with ASEAN was valued at RM324.71 billion slipped by 10.5 percent compared to the same period of 2019. Exports to the region contracted by 6.4 percent to RM 198 billion following lower exports of crude petroleum, manufacturers of metal as well as chemicals and chemical products.

However, increases in exports were recorded for transport equipment, E&E products and other manufactures (SSD). Imports from ASEAN during the nine months had decreased by 16.3 percent to RM 125.71 billion.

Malaysia’s total trade in September 2020 expanded by 5.5 percent to RM155.88 billion compared to September 2019.

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