Malaysia’s exports rebounded in February following a negative posting in January, as manufactured goods rallied in the second month of 2016.
The Ministry of International Trade and Industry (MITI) said exports bounced back in February with a 6.7% growth year-on-year to MYR56.72 billion (US$14.57 billion) after a negative growth of 2.8% year-on-year in January.
Imports increased by 1.6% to MYR49.37 billion from MYR48.61 billion recorded in February 2015, it said in a statement.
This brought total trade up 4.2% to MYR106.09 billion in February from MYR101.78 billion recorded in the same month in 2015.
The trade surplus widened to MYR7.35 billion in February from MYR5.39 billion in the previous month, making it the 220th consecutive month of trade surplus since November 1997, reported Bernama.
Increases in trade were recorded with the U.S., where figures rose to MYR2.21 billion, ASEAN (MYR1.9 billion), China (MYR829.6 million), South Korea (MYR637.3 million), European Union (MYR447.7 million), Hong Kong (MYR433.3 million), and Turkey (MYR320 million).
Exports of manufactured goods in February 2016 grew by 11.5% to MYR46.22 billion, with higher exports recorded for all manufactured subsectors, except for petroleum products and iron and steel.
The higher exports were driven mainly by increased exports of electrical and electronic products, especially parts and accessories for office machines as well as photosensitive semiconductor devices.
Other manufactured products which registered significant increases were metal, machinery, equipment and parts; chemicals and chemical products; transport equipment; and optical and scientific equipment.
Meanwhile, exports of agricultural goods in February also accelerated, edging up by 7.9% to MYR4.49 billion, attributed mainly to higher exports of palm oil and palm oil-based products which expanded by 6.6% to MYR2.93 billion.
Shipments of palm oil in February amounted to MYR2.47 billion, an increase of 4.4%, contributed mainly by higher export volume, MITI added.
Exports of mining goods, however, decreased 21.7% to MYR5.64 billion, due mainly to lower exports of liquefied natural gas (LNG) and crude petroleum owing to a contraction in the average unit value.
During the first two months of 2016, total trade advanced by 2% to MYR224.4 billion from the corresponding period of 2015.
Exports in the two-month period grew by 1.5% to MYR118.57 billion and imports rose 2.5% to MYR105.83 billion, resulting in a trade surplus of MYR12.74 billion.
