KUALA LUMPUR (Jan 4): Malaysia's exports expanded 1.6% year-on-year (y-o-y) to RM84.8 billion in November from a year earlier, contributed by the higher exports in refined petroleum products, liquefied natural gas (LNG) and crude petroleum.

In a statement today, the Department of Statistics Malaysia said increases for refined petroleum products, LNG and crude petroleum were RM2.2 billion, RM953 million and RM430.4 million respectively.

Meanwhile, the department noted the declines for palm oil and palm oil-based products (-RM1.3 billion), electrical and electronic products (-RM528.2 million), timber and timber-based products (-RM146.8 million), and natural rubber (-RM8.5 million).

On the same note, the department also reported that export growth was due to higher exports to Taiwan (+RM1.1 billion), Vietnam (+RM938.5 million), Hong Kong (+RM876.8 million), Singapore (+RM872.2 million) and China (+RM435.3 million).

"Re-exports was valued at RM15.9 billion registering an increase of 24.5% y-o-y and accounted for 18.7% of total exports. Domestic exports declined 2.6% (-RM1.8 billion) to RM68.9 billion," said the department.

According to the department, imports rose 5% or RM3.7 billion to RM77.2 billion. Higher imports by End Use was mainly attributed to consumption goods and capital goods of RM59 million and RM39.6 million respectively, said the department, adding that imports of intermediate goods, however, declined RM137.5 million.

Total trade was valued at RM162 billion, which increased 3.2% or RM5 billion from a year ago. The trade surplus was RM7.6 billion, a decline of RM2.4 billion (-24%) from November 2017, the department said.

Meanwhile, the department also added that the higher imports were mainly from European Union (+RM773.3 million), Saudi Arabia (+RM581.8 million), Republic of Korea (+RM456.8 million), Russian Federation (+RM411.4 million) and Taiwan (+RM409.4 million).