KUALA LUMPUR (Dec 28): Malaysia’s exports increased by 4.3% year-on-year (y-o-y) to RM84.43 billion in November 2020, from RM80.95 billion previously, as the country registered the third consecutive month of y-o-y growth.

In a statement today, the Ministry of International Trade and Industry (MITI) said the higher figure for November 2020 was due to higher exports to the US, Singapore, China and Hong Kong.

Meanwhile, imports in November were down 9% y-o-y at RM67.61 billion from RM74.26 billion previously. Total trade contracted by 2% to RM152.04 billion from RM155.21 billion in November 2019.

The trade surplus amounted to RM16.82 billion after surging by 151.6%, the highest figure recorded thus far for the month of November.

Compared to October 2020, total trade, exports, imports and the trade surplus declined by 5%, 7.3%, 1.9% and 24% respectively.

For the cumulative 11 months of 2020 (11M20), the trade surplus grew 23.1% to RM163.86 billion from RM133.11 billion previously. Total trade was valued at RM1.61 trillion after falling from RM1.68 trillion a year ago. Exports stood at RM885.02 billion, contracting by 2.6%, while imports amounted to RM721.16 billion, falling by 7%.

MITI noted that in November 2020, exports of manufactured goods contributed to 88.1% of total exports and also rose by 81.% y-o-y to RM74.34 billion. The growth was driven by higher exports of electrical and electronics (E&E) products as well as rubber products, which according to the ministry had been resilient with 13 consecutive months of growth. Higher exports were also registered for other manufactures, especially solid-state storage devices (SSD), wood products as well as optical and scientific equipment.

The ministry also noted that agriculture goods, accounting for 6.7% of exports, increased by 6% y-o-y to RM5.65 billion on higher exports of palm oil and palm oil-based agriculture products.

Meanwhile, mining goods, showing a 4.9% contribution, contracted by 34.6% y-o-y to RM4.15 billion, following lower exports of liquefied natural gas (LNG), crude petroleum as well as petroleum condensates and other petroleum oil.

For 11M20, exports of manufactured goods slipped by 0.3% to RM765.63 billion, from 11M19, on lower exports of petroleum productions, chemicals and chemical products, on top of lower metal manufacturing.

“Meanwhile, higher exports were recorded for rubber products, E&E products, other manufactures (SSD), iron and steel products as well as optical and scientific equipment. Exports of agriculture goods grew by 5% to RM63.32 billion, attributed mainly to higher exports of palm oil and palm oil-based agriculture products. Exports of mining goods fell by 29.7% to RM52.21 billion due to lower exports of LNG, crude petroleum as well as petroleum condensates and other petroleum oil,” MITI said.

Trade with Asean stood at RM38.77 billion, or 25.5% of total trade, falling by 7.2% from November 2019. Regional exports were down by 2.2% to RM23.46 billion, following lower exports of petroleum products, iron and steel products, as well as machinery, equipment and parts. However, exports of E&E products, increasing by 36.6% or RM2.6 billion, cushioned the decline. Imports from Asean dropped by 13.9% to RM15.31 billion.

Among the Asean markets, exports to Singapore expanded by RM1.78 billion, contributed by E&E products, while exports to Brunei rose by RM39 million, contributed by iron and steel products.

Meanwhile, trade with China rose by 3.2% y-o-y to RM30.06 billion, accounting for 19.8% of total trade in November. Exports to China grew 13.2% to RM14.23 billion, contributed by E&E products. Imports from China, meanwhile, were down by 4.5% at RM15.83 billion.

Trade with the US, amounting to 10.1% of total trade in November, rose by 8.6% y-o-y to RM15.42 billion. Exports to the US recorded a double-digit growth for the sixth consecutive month, surging by 24.6% to RM9.76 billion. Higher exports were recorded for rubber, E&E and wood products. Imports from the US contracted by 11.1% to RM5.66 billion.

Trade with the European Union (EU), accounting for 7.7% of total trade in November, fell by 4.9% y-o-y to RM11.64 billion. Exports to the EU continued to expand for the third consecutive month, increasing by 7.1% to RM6.89 billion, contributed mainly by higher exports of rubber products. Imports from the EU, meanwhile, shrank by 18.2% to RM4.75 billion.

Trade with Japan, making up 7% of total trade in November, declined by 0.1% y-o-y to RM10.7 bullion, Exports to Japan were up 3.5% at RM5.26 billion, after four months of y-o-y contraction, on higher exports of rubber products, E&E products, crude petroleum, palm oil and palm oil-based agriculture products as well as optical and scientific equipment. Imports from Japan, on the other hand, dropped by 3.4% to RM5.44 billion.

Trade with free trade agreement (FTA) partners, making up 67.6% of total trade in November, rose by 2.4% y-o-y to RM102.77 billion. Exports to FTA partners amounted to RM58.04 billion, increasing by 3.6%, while imports contracted by 9.2% to RM44.73 billion.