(KUALA LUMPUR, 28 March) – Malaysia’s exports and imports both grew in March, with trade surpluses maintained with all major economies. In particular, exports to ASEAN, China, the United States and the European Union (EU) grew by a record amount in a single month.
ASEAN remains Malaysia’s most important external trade partner, with trade with ASEAN countries increasing by 22.3% year-on-year to RM47.76 billion, accounting for 25.7% of total external trade. Exports to ASEAN increased by 17.4% to RM28.52 billion, mainly driven by electronics, while imports increased by 30.3% to RM19.24 billion.
Among the remaining nine ASEAN countries, our exports to Singapore were the largest, at RM14.97 billion, even larger than the combined exports to the remaining ASEAN member countries, while exports to Singapore also grew the most, surging 31.6% year-on-year.
Trade with China grew by 36.1% y-o-y to RM33.86 billion in March, accounting for 18.2% of total external trade. Exports to China jumped 46.6% to RM16.07 billion, the fifth consecutive month of double-digit growth, led by electronics and steel products. Imports of goods from China rose by 27.8% to RM17.8 billion.
Trade with the US rose 41.8% year-on-year to RM18.26 billion, accounting for 9.8% of total trade. Exports to the US jumped 67.5% to RM12.31 billion, led by gum products, mainly gloves, and electronics. Imports from the US rose slightly by 7.6% to RM5.04 billion.
Trade with the EU accounted for 8.7% of total trade at RM16.21 billion, up 38.9% year-on-year. Exports to the EU jumped by 45.9% to RM9.85 billion, mainly in gum products, electronics, and transport and transportation equipment. This is the fourth consecutive month of double-digit growth. Imports to the European Union also rose sharply, by 29.2% year-on-year to RM6.36 billion.
Trade with Japan increased by 21% y-o-y to RM13.8 billion. Exports increased by 14.4% to RM6.74 billion, mainly in electronics, gum products, optical and scientific equipment and steel products, while imports from Japan rose by 28.1% to RM7.05 billion.
Trade with markets under the Free Trade Agreement (FTA) grew by 26% year-on-year to RM123.97 billion, while exports increased by 25.8% to RM69.49 billion and imports by 26.3% to RM54.47 billion.
Source from: Orientaldairy