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Exports rise by 6.3% to RM67.63 bln in Nov

Exports rise by 6.3% to RM67.63 bln in Nov

KUALA LUMPUR: Exports in November rose by an annualised 6.3 per cent to RM67.63 billion, driven by higher demand for manufactured goods. The International Trade and Industry Ministry said imports expanded by 9.1 per cent to RM57.39 billion while the trade surplus decreased by 6.9 per cent to RM10.23 billion.

“Overall, export performance in January to November 2015 was driven mainly by higher exports of manufactured goods, in particular, electrical and electronic (E&E) products which cushioned the contraction in exports of both agricultural and mining goods, “said MITI.

For November, significant increases in exports of manufactured goods were recorded for manufactures of metal, petroleum products, machinery, appliances and parts, optical and scientific equipment, chemicals and chemical products as well as processed food. It added that growth in exports of agricultural goods was mainly supported by increased exports of palm oil and palm-based products, by 7.2 per cent (exports of palm oil in increased by 4.3 per cent contributed mainly by higher quantity).

Lower exports of mining goods in November were affected mainly by contraction in exports of LNG by 20.5 per cent caused by lower AUV (average unit value). Meanwhile, Malaysia’s trade strengthened in the first eleven months of 2015 to record a growth of 1.1 per cent to RM1.337 trillion compared with the same period of 2014. MITI said expansion in trade with China, the US, Asean, European Union (EU), Turkey, India and Taiwan were the main contributors to the increase.

The achievement was also supported by improved export performance recorded since June 2015 which resulted in a cumulative expansion of 1.9 per cent to RM711.65 billion for the period of January to November 2015. Imports during January to November 2015 was valued at RM625.34 billion compared with RM624.48 billion registered in the same period of 2014 while trade surplus surged by 17.3 per cent to RM86.31 billion.