Friday 29 Mar 2024
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KUALA LUMPUR (Oct 6): Malaysia's exports expanded 21.5% year-on-year (y-o-y) to RM82.2 billion in August from a year earlier on higher sales of electrical and electronic (E&E) products and as liquefied natural gas (LNG) exports jumped 101.8%.

In a statement today, the Statistics Department said E&E product exports rose 20.1% to RM31 billion. E&E-based transactions accounted for the largest share of total exports at 37.8%, the department said.

"LNG (4.8% of total exports), increased RM2.0 billion or 101.8% to RM4.0 billion due to the strong increase in both export volume (+57.4%) and average unit value (+28.2%).

"Refined petroleum products, which accounted for 5.2% of total exports, rose RM1.1 billion or 35.5% to RM4.3 billion due to the increase in both average unit value (+19.6%) and export volume (+13.3%)," the department said.

According to the department, natural rubber, timber-based product and crude petroleum sales also contributed to the nation's export rise. In geographical terms, the department said Malaysian exports rose on higher sales to Singapore, China, European Union nations and Taiwan.

Malaysia's imports also rose. The department said August imports grew 22.6% y-o-y to RM72.4 billion due to higher imports of intermediate, capital and consumption goods.

The country's August exports and imports translated into total trade of RM154.6 billion, a 22% y-o-y rise, according to the department. In July, the nation's exports rose 30.9% y-o-y to RM78.6 billion, the department said.

 

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