Malaysia’s outward shipments rebounded in the first quarter of 2016 to MYR185.16 billion (US$46.26 billion), a 1% hike compared to a 2.5% decline in 2015, according to the Ministry of International Trade and Industry (MITI).
Overall, higher exports to the ASEAN, U.S., EU, and Turkey contributed to the expansion. Exports of both manufactured and agricultural goods increased, but those of mining goods declined.
The country’s trade surplus registered a double-digit growth of 12.2% to MYR23.94 billion during the quarter under review. Total trade was valued at MYR346.38 billion compared to MYR345.15 billion recorded during the same period of last year.
By market, exports to the ASEAN grew by 6.5% to MYR53.65 billion, supported by higher exports of manufactured goods. Bilateral trade increased by 2.6% to MYR94.87 billion from the same period in 2015, with the bloc accounting for 27.4% of Malaysia’s total trade, said MITI.
Exports to the U.S. recorded a double-digit growth of 13.1% to MYR19.07 billion, mainly from contributions made by E&E products. Trade with the North American economy increased by 11.1% to MYR33.09 billion.
Shipments to China increased by 1.3% to MYR20.81 billion, the acceleration attributed mainly to higher exports of metal, metalliferous ores, chemicals and chemical products as well as optical and scientific equipment. Bilateral trade registered a growth of 4.6% to MYR51.32 billion.
Exports to the EU continued to expand, achieving a growth of 7.9% to MYR19.33 billion. Trade amounted to MYR35.32 billion in Q1, the same as in the preceding year.
Trade with Japan amounted to MYR31 billion, with exports valued at MYR17.29 billion.
On exports to FTA partners, Malaysia recorded a value of MYR115.5 billion and registered total trade amounting to MYR216.98 billion, accounting for 62.6% of Malaysia’s trade.
Higher exports were recorded to Vietnam, Turkey, Singapore, Thailand, Philippines, and Myanmar during the period.
Flat growth for March
On the other hand, for March 2016 alone, Malaysian exports increased marginally to MYR66.59 billion from MYR66.47 billion recorded in March 2015. Total trade added up to MYR121.98 billion, a decline of 2.5%.
The March trade surplus surged by 52.2% to MYR11.19 billion from MYR7.35 billion in February 2016, making it the 221st consecutive month of trade surplus since November 1997.
In March 2016, exports to ASEAN grew by 5.6% to reach a value of MYR19.19 billion, contributing 28.8% to Malaysia’s total exports. Growth was registered for all ASEAN markets except Indonesia and Brunei.
Exports to the U.S. for the month grew by 11.8% to MYR6.8 billion, while trade expanded by 3.2% to MYR11.63 billion. Exports to China, valued at MYR7.81 billion, decreased by 5.9% in March, but trade increased by 3.5% to MYR17.76 billion.
Shipments to the EU grew by 6.5% to MYR6.72 billion year-on-year. Trade with the bloc contracted by 2.3% to MYR12.16 billion, however.
As for exports to Japan, these totaled MYR6.17 billion in March, a decline of 15.1% due to lower exports of LNG and E&E products. Trade with Japan was estimated at MYR11.24 billion, a decline of 7.5% from a year ago.
Total exports to FTA partners were valued at MYR41.63 billion, as trade registered at MYR76.08 billion.
Photo: Hafiz343
