Friday 29 Mar 2024
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KUALA LUMPUR (Oct 7): Malaysia's August exports grew 4.1% on year to RM66.5 billion from RM63.9 billion a year earlier on higher electrical and electronic and oil palm product sales, the Statistics Department said.

According to the Statistics Department's statement today, higher timber product and natural rubber sales also contributed to export growth. The decline in oil and gas-related item sales, however, curbed export rise during the month.

August imports fell from a year earlier. The department said imports decreased 6.1% to RM56.3 billion from RM60 billion.

The nation's external purchases declined as the country bought less intermediate and capital goods.

August's total trade, comprising the value of exports and imports, was valued at RM122.9 billion. This was a 0.8% decrease from a year earlier.

A trade surplus of RM10.2 billion was recorded, representing a growth of 163.3% from a year earlier.

Malaysia's August on-year 4.1% export growth had beaten economists' 2% rise forecast, based on a Reuters' survey.

Reuters reported today Malaysia's exports in August rose 4.1% from a year earlier thanks to rising shipments to Singapore, China and the United States.

Imports, however, declined 6.1% on slowing demand for intermediate and capital goods, and undershot economists' expectations of a 1.6% increase.

 

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