Malaysia’s trade surplus jumps 38pc to RM16.6b in January

KUALA LUMPUR, Feb 26 — Malaysia’s trade surplus soared by 38.0 per cent year-on-year (yoy) to RM16.6 billion in January 2021, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said total trade widened by 4.1 per cent yoy to  RM162.6 billion.

He said Malaysia’s total exports continued its positive momentum of five consecutive months of improvement by expanding 6.6 per cent yoy to RM89.6 billion in January 2021, while imports continued to record an increase of 1.3 per cent to RM73 billion.

“This was the highest export value recorded for January so far, driven by both domestic exports and re-exports.

“Domestic exports grew by 6.3 per cent at RM72.1 billion and it contributed 80.5 per cent to the total exports,” he said in a statement on Friday.

Re-exports grew 7.5 per cent yoy to RM17.5 billion in January 2021, while imports increased 1.3 per cent y-o-y to RM73 billion.

Mohd Uzir said Malaysia’s export expansion was supported mainly by higher exports to China (+RM2.7 billion), the United States (+RM1.6 billion), Vietnam (+RM1.2 billion), the European Union (+RM821.3 million), and Singapore (+RM621.0 million).

The main products, which contributed to the increase in exports, were electrical and electronic products (+RM4.2 billion); rubber products (+RM4.1 billion); manufacture of metal (+RM614.4 million), and chemical and chemical products (+RM448.9 million), he said.

Meanwhile, increases in imports were mainly from Taiwan (+RM1.0 billion), China (+RM793.9 million), Hong Kong (+RM686.1 million), and Indonesia (+RM662.1 million).

The expansion in imports were noted for electrical and electronic products (+RM3.4 billion) and rubber products (+RM623.9 million). — Bernama