According to the Ministry of International Trade and Industry Malaysia, trade with China in Nov 2020 rose by 3.2 percent y-o-y to RM30.06 billion, accounting for 19.8 percent of the country’s total trade.
Exports to China further recorded a double digit expansion of 13.2 percent to RM14.23 billion mainly on higher exports of E&E products. Imports from China meanwhile was down by 4.5 percent to RM15.83 billion.
In comparison to Oct 2020, MITI says trade and imports have increased by 3.8 percent and 7.7 percent, respectively while exports decreased by 0.3 percent.
Furthermore, trade with China during the period of Jan to Nov 2020 rose by 3.2 percent to RM296.18 billion compared to the same period of 2019. MITI saw exports register double digit growth of 12.4 percent to RM143.03 billion, driven by exports of iron and steel products, other manufacturers (SSD(, manufacturers of metal, E&E products as well as palm oil and palm-oil based agriculture products.
Imports from China amounted to RM153.14 billion, lower by 4.1 percent.
On the other end, exports to the US continued with double digit growth. In Nov 2020, trade with the States contributed 10.1 percent to Malaysia’s total trade registering a growth of 8.6 percent y-o-y to RM15.42 billion.
Exports to the US recorded a double digit growth for six consecutive months, surged by 24.6 percent to RM9.76 billion in Nov 2020.
Higher exports were also recorded for rubber products, E&E products, and wood products. Imports from the US contracted by 11.1 percent to RM5.66 billion.
Compared to October 2020, trade, exports and imports declined by 10 percent, 13.1 percent and 4 percent, respectively.
In the first 11 months of 2020, trade with the US was up by 7.6 percent to RM161.8 billion compared to the same period of 2019.
Exports have also registered a double digit growth of 12.1 percent to RM98.08 billion buoyed by higher exports of rubber products, wood products, E&E products, other manufactures (SSD) as well as machinery, equipment and parts. Imports from the US rose by 1.3 percent to RM63.73 billion