Friday 29 Mar 2024
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KUALA LUMPUR (Oct 5): Malaysia's August imports recorded double-digit growth of 11.2% year-on-year (y-o-y) to RM80.2 billion in August and outpaced exports, according to the Department of Statistics Malaysia (DoSM).

Total trade in August expanded RM7.9 billion or 5.1% to RM162 billion from a year earlier, while trade surplus stood at RM1.6 billion — the lowest value since November 2014, said DoSM in a statement today.

The department said the higher imports were mainly from China (+RM2.9 billion), Saudi Arabia (+RM1.8 billion), European Union (+RM1.3 billion), Taiwan (+RM1.3 billion) and Indonesia (+RM785.4 million).

"The growth in imports by end use was mainly attributed to capital goods (+RM2.3 billion), intermediate goods (+RM1.9 billion) and consumption goods (+RM888 million)," it said.

Meanwhile, export was valued at RM81.8 billion, recording a marginal decrease of 0.3% y-o-y. DoSM said the lower exports were mainly due to Japan (-RM1.4 billion), European Union (-RM745.3 million), Turkey (-RM542.7 million), Switzerland (-RM508 million) and India (-RM387.5 million).

The main products which contributed to the decline in exports were palm oil and palm oil-based products (-RM1.5 billion), liquefied natural gas (-RM918.3 million), timber and timber-based products (-RM49 million) and natural rubber (-RM39.5 million).

However, increases were recorded for crude petroleum (+RM1.3 billion), electrical and electronic products (+RM985.5 million) and refined petroleum products (+RM232.2 million).

DoSM chief statistician Datuk Seri Dr Mohd Uzir Mahidin said this is the second time exports recorded a decrease in 2018 after February due to high base effect.

"Re-exports in August 2018 was valued at RM13.5 billion and accounted for 16.5% of total exports. Domestic exports reduced 4.1% (-RM2.9 billion) to RM68.3 billion," he said.

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