Malaysia's February exports up 26.5% on year, imports rise 27.7%

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KUALA LUMPUR (April 5): Malaysia's exports increased 26.5% to RM71.8 billion in February from a year earlier, driven primarily by electrical and electronic (E&E), palm oil besides oil and gas-based sales, according to the Statistics Department.

In a statement today, the department said E&E exports increased 22.4% while palm oil-based sales climbed 62.8%. E&E products made up 34.2% of total exports, according to the department.

"Palm oil and palm oil-based products (9.7% of total exports) recorded an increase of RM2.7 billion (+62.8%) to RM7 billion. Exports of palm oil, the major commodity in this group of products, rose RM1.5 billion or 61.1% due to the increase in both average unit value (+41.5%) and export volume (+13.8%)," the department said.

Oil and gas-related sales, which constituted 13.6% of total exports, also rose. Crude petroleum and refined petroleum products exports increased 50.4% and 29.8% respectively, according to the department.

Crude petroleum and refined petroleum products accounted for 3.3% and 5.7% of total exports respectively.

"Liquefied natural gas (4.6% of total exports) increased RM66.8 million or 2.1% to RM3.3 billion due to the increase in average unit value (+2.8%) as export volume fell 0.7%," the department said.

Malaysia reported higher imports from a year earlier. The department said imports grew 27.7% to RM63.1 billion due to higher imports of intermediate and capital goods.

Intermediate goods imports increased 39.9% while capital items purchases grew 5.6%, according to the department.

In January, Malaysian exports and imports rose 13.6% and 16.1% respectively from a year earlier, the department said.