Malaysia records highest trade surplus as exports surge in October

06-Dec-2018 Intellasia | Reuters | 6:00 AM Print This Post

Malaysia posted its largest trade surplus ever in October as exports surged, while imports also rebounded, government data showed on Wednesday.

Total exports in October jumped 17.7 percent from a year earlier, beating economists’ estimates of a 6.2 percent rise, amid strong demand from China and higher shipments of manufactured and mining goods.

In September, exports had risen 6.7 percent. Exports to China, a major trading partner, rebounded trongly in October, rising 33 percent year-on-year after a drop in the previous month, the International Trade and Industry Ministry said in a statement.

Shipments of manufactured goods, which account for 84 percent of Malaysia’s total exports, were also up 19.9 percent from a year earlier in October, the ministry’s data showed.

Exports of mining goods rose 29.6 percent, on higher prices of crude oil and liquefied natural gas.

Exports of agricultural goods, however, declined 12.3 percent in October, hit by falling prices of palm oil and palm oil-based products.

Imports in October rose 11.4 percent year-on-year, rebounding strongly from a 2.7 percent decline in September. Increases were seen in two categories of importsintermediate goods and consumption goods, the data showed.

Malaysia reports trade data in ringgit.

The trade surplus in October jumped to 16.3 billion ringgit ($3.92 billion), the largest trade surplus ever recorded, from 15.3 billion ringgit in September, the ministry said.

https://www.reuters.com/article/malaysia-economy-trade/malaysia-records-highest-trade-surplus-as-exports-surge-in-october-idUSP8N1QI008

 


Category: Malaysia

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