KUALA LUMPUR: Malaysia’s exports rose 15% to RM78.3bil in September 2017 from a year ago, boosted by electrical and electronic (E&E) products.
However, the increase was below economists’ expectations of a growth of 20%. This is the second consecutive month of slowing in pace after the strong performance in July 2017.
Compared to August 2017, exports decreased RM4bil from RM82.3bil. In seasonally adjusted terms, exports dropped 6.2%.
The Statistics Department in a statement on Friday said on a year-on-year (y-o-y) basis, exports maintained its double digit growth of 14.8%, or RM10.1bil to RM78.3bil while re-exports in September 2017 was valued at RM13.6bil and accounted for 17.3% of total exports. Domestic exports was higher by RM6.7bil to register at RM64.7bil.
On a y-o-y basis, imports also expanded 15.2% or RM9.2bil to RM69.7bil.
On a y-o-y basis, export growth was supported by expansion in exports to China (+RM2.4bil, +27.1%), Hong Kong (+RM1.3bil, +41.0%), the European Union (+RM1.1bil, +16.2%) and Indonesia (+RM969.1mil, +42.9%).
Total trade in September 2017 grew 15%, or RM19.3bil to RM147.9bil from a year ago. However, it posted a decrease of RM6.7bil or 4.3% when compared to the previous month.
September 2017’s trade surplus was RM8.6bil and recorded an increase of RM890.5mil from a year ago. However, compared to the previous month, it declined 14% or RM1.5bil.
The department said September 2017’s exports were mainly driven by an increase in E&E products, which rose RM4.6bil to RM30.9bil.
Refined petroleum products, which accounted for 6.0% of total exports, grew RM547.1mil or 13.2% to RM4.7bil due to the 26.9% increase in average unit value as export volume decreased 10.8%.
Liquefied natural gas (LNG), which contributed 3.9% to total exports, rose RM230.1mil or 8.2% to RM3bil due to the increase in both average unit value and export volume.
Natural rubber, which contributed 0.4% to total exports, increased RM10.4mil or 3.4% to RM312.6mil due to the increase in average unit value as export volume dropped 18.0% and timber and timber-based products, rose marginally by RM1.4mil to RM1.8bil.
On the other hand, palm oil and palm oil-based products (8% of total exports), recorded a decrease of RM105.3mil to RM6.3boil mainly due to the decrease in palm oil-based oleochemical of RM114.1mil.
The department said imports increased 15.2% from RM60.5bil on a y-o-y basis. The growth in imports was contributed by intermediate goods, capital goods and consumption goods.
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