Malaysia’s Feb exports slip to RM111.33bil amid improving total trade

KUALA LUMPUR: Malaysia’s total trade expanded 3.3% year-on-year (y-o-y) in February 2024 to RM211.79bil as the value of imports from major trading partners increased even as the country logged a dip in outgoing shipments.

In a statement, the Ministry of Investment, Trade and Industry (Miti) said imports rose 8.4% to RM100.46bil, while exports dropped a marginal 0.8% to RM111.33bil.

Compared to January 2024, the trade surplus expanded 6.9% to RM10.87bil in February, marking the 46th consecutive month of surplus since May 2020.

By sector, the exports of manufactured goods in February slipped 2.4% y-o-y to RM93.08bil on lower exports of electrical and electronic (E&E) products, petroleum products as well as chemicals and chemical products.

There was an increase in exports of iron and steel products, machinery, equipment and parts, paper and pulp products as well as processed food.

Malaysia’s shipment’s of mining goods rebounded with a double-digit expansion of 16.8% to RM10.74bil, backed by robust exports of liquefied natural gas (LNG), crude petroleum as well as petroleum condensates and other petroleum oil.

Exports of agriculture goods, however, declined 4.8% y-o-y to RM6.81bil due to lower exports of palm oil and palm oil-based agriculture products that was affected by weaker prices of exports.

Malaysia recorded a marginal 0.1% y-o-y decrease in trade with China, its largest trading partner, on account of lower exports of E&E products, while trade with the US grew 12.5% y-o-y to RM21.24bil as exports expanded 10.1% to US$13.58bil, on strong exports of E&E products, machinery, equipment and parts as well as optical and scientific equipment.

There was a marginal 0.4% y-o-y decline in trade with the Asean region to RM55.89bil, with exports falling 5.2% y-o-y to RM31.94bil due to lower exports of E&E products.

Asean countries that received more shipments from Malaysia included Vietnam, which saw an increase of RM1.59bil to RM4.65bil on account of robust exports of E&E products, while shipments to Indonesia increased RM412.9mil to RM4.26bil on higher exports of petroleum products.

Meanwhile, Malaysia recorded an increase in all three main categories of imports by end use, which account for 74.1% of its total imports.

Imports of intermediate goods increased 14.3% to RM55.7bil on g higher imports of parts and accessories of non-transport capital goods, and imports of capital goods expanded 30.3% due to higher imports of non-transport capital goods.

Malaysia’s imports of consumption goods grew 19.7% as a result of higher imports of processed food and beverages mainly for household consumption.