According to the Ministry of International Trade and Industry, trade with China in September 2020 contributed 19.8 percent to Malaysia’s total trade. This recorded an expansion of 21.5 percent y-o-y to RM30.85 billion.
“Exports to China sustained double digit growth for 4 consecutive months, surging by 41.9 percent to RM15.56 billion mainly on higher exports of E&E products, iron and steel products as well as palm oil and palm-oil related products,” MITI shared.
Imports from China on the other end expanded by 6.1 percent to RM15.29 billion. On a m-o-m basis, trade, exports and imports recorded double digit growth of 11.4 percent, 11.3 percent and 11.4 percent respectively.
Trade with China during the period of January to September 2020 grew by three percent to RM237.15 billion compared to the same period of 2019. Exports have recorded double digit expansion of 13.3 percent to RM114.54 billion during the same period.
The rise was boosted by higher exports of iron and steel products, other manufactures (SSD), manufactures of metal as well as palm oil and palm oil-based agriculture products.
Imports from China during the nine months has decreased by 5.1 percent to RM122.61 billion.
MITI’s trade reports have also shown that trade with the US in Sept this year increased by 12.3 percent y-o-y to RM15.74 billion, accounting for 10.1 percent of Malaysia’s total trade. Exports to the States continued to expand for four consecutive months, with a double digit growth of 22.1 percent to RM10.32 billion in September 2020.
“Higher shipments we re recorded for manufactured goods which made up 97.7% share of Malaysia exports to the US. Increases in exports were primarily for rubber products, E&E products, wood products, machinery, equipment and parts as well as other manufactures (SSD),” the Ministry shared.
Imports from US however decreased by 2.6 percent to RM 5.42 billion.
Compared to August 2020, trade and exports improved by 0.8 percent and 9.2 percent, respectively while imports fell by 12.1 percent.
In the first 9 months of the year, trade with the US rose by 6.9 percent to RM129.25 billion compared to the same period of 2019. Exports increased by 9.1 percent to RM77.09 billion driven by higher exports of rubber products, wood products and other manufactures (SSD).
Imports from the US grew by 3.7 percent to RM 52.16 billion.