Malaysia's Total Trade Records Stellar Growth Of 19.4 Pct To Rm1.77 Trillion

KUALA LUMPUR, Feb 7 (Bernama) -- Malaysia’s total trade surged by a stellar 19.4 per cent to RM1.77 trillion (US$1 = RM3.90) last year compared with the RM1.49 trillion in 2016, with ASEAN members taking in 29.2 per cent of the country’s exports, International Trade and Industry Minister, Mustapa Mohamed, said Wednesday. “Trade performance was the strongest in 13 years, and exports grew significantly by 18.9 per cent, the strongest growth since 2005 to reach a new high of RM935.39 billion. “Imports also recorded the highest value of RM838.14 billion, expanding by 19.9 per cent. Trade surplus widened by 10.3 per cent to RM97.25 billion, the largest surplus registered since 2012. This was the 20th consecutive year of trade surplus since 1998,” said Mustapa in a press conference here. Trade with ASEAN expanded by 21 per cent or RM84.49 billion, China increase 20.6 per cent or RM49.68 billion, the European Union (17.5 per cent or RM26.05 billion), the United States (16.3 per cent or RM22.12 billion) and Japan (14.7 per cent or RM17.77 billion). Total trade for the fourth quarter of 2017 (Q417) expanded by 13.3 per cent to RM462.62 billion compared with the same quarter in 2016. Exports increased by 12.4 per cent to RM245.14 billion, while imports rose by 14.4 per cent to RM217.48 billion, said Mustapa. This resulted in a trade surplus of RM27.66 billion. Compared with Q317, trade, exports and imports increased by 2.4 per cent, 2.5 per cent and 2.3 per cent, respectively. Malaysia’s total trade for December 2017 recorded 6.2 per cent growth to RM151.41 billion compared with a year ago. A higher trade surplus of RM7.25 billion was also registered in December, making it the 242nd consecutive month of trade surplus since November 1997. Exports in December expanded by 4.7 per cent year-on-year to RM79.33 billion Among the major highlights of 2017 trade were double-digit year-on-year growth recorded for all months, with the exception for June and December, and all sectors also recorded strong expansion with double-digit growth. There was a sharp rebound in the export growth of major commodities as world prices improved last year. “Almost all major export markets recorded new highs. Exports to ASEAN were also higher with growth recorded for all markets except Laos,” Mustapa said. Exports to Free Trade Agreement partners also increased, in particular to ASEAN, China, Japan, South Korea, Australia, Turkey, India, New Zealand, Pakistan and Chile. “Last year, there was robust export growth to advanced countries, in particular, the US, EU, and notably the Netherlands and Germany, and greater demand was also recorded from emerging markets such as Mexico, Brazil and South Africa,” he said. ASEAN remained a key trading partner for Malaysia, taking up 27.5 per cent of Malaysia’s total trade in 2017. Trade with ASEAN amounted to RM487.42 billion, an increase of 21 per cent. “Exports to ASEAN expanded by 18 per cent to RM272.79 billion, contributing 29.2 per cent to Malaysia’s total exports. The increase was mainly led by manufactured goods, which grew by 18 per cent and accounted for 89 per cent of total exports to ASEAN,” said Mustapa. China continued to be Malaysia’s largest trading partner for nine consecutive years since 2009. In 2017, total trade with China surged by 20.6 per cent to RM290.65 billion, where exports increased 28 per cent to RM126.15 billion and imports rose 15.5 per cent to RM164.5 billion. Meanwhile, trade with Japan jumped 14.7 per cent to RM138.5 billion last year, as exports to expanded by 17.5 per cent to RM74.89 billion, rebounding sharply from two consecutive years of negative growth. Electrical and electronic (E&E) products remained as the largest export sector last year, at 36.7 per cent of the nation’s total exports worth RM343 billion after expanding by 19.2 per cent or RM55.19 billion. E&E products, which saw over RM3 billion increase in exports, included electronic integrated circuits, computers and data processing equipment as well as parts and accessories for office machines. Other manufactured products that contributed to last year’s exports growth were petroleum products, chemicals and chemical products, rubber products, iron and steel products, manufactures of metal, optical and scientific equipment and transport equipment. Exports of mining goods surged 23.9 per cent to RM80.6 billion and totalled 8.6 per cent share of total exports in 2017. Liquefied natural gas exports jumped 23.7 per cent to RM40.46 billion on higher average unit value (AUV) and volume, while exports of crude petroleum soared 25.3 per cent to RM27.97 billion supported by higher AUV. Meanwhile, exports of agriculture goods grew by 10.9 per cent to RM78.12 billion and accounted for 8.4 per cent share of total exports. Palm oil and palm oil-based agriculture products, as well as natural rubber, were the main contributors to rise in exports. Exports of palm oil and palm oil-based agriculture products increased by 11.5 per cent to RM53.85 billion. This was contributed by higher palm oil exports which grew 11.3 per cent on higher AUV. Natural rubber exports surged 30.8 per cent to RM4.73 billion also on account of higher AUV. -- BERNAMA