KUALA LUMPUR, Sept 19 — Malaysia registered the 40th consecutive month of trade surplus in August 2023, registering a year-on-year (y-o-y) growth of 0.1 per cent to RM17.31...
KUALA LUMPUR, Sept 19 — Malaysia registered the 40th consecutive month of trade surplus in August 2023, registering a year-on-year growth of 0.1 per cent to RM17.31 billion.
Miti said Malaysia’s performance was similar to its key trading partners, notably South Korea, China, Taiwan, and Indonesia which recorded negative trade growth for August 2023 and a drop in their global imports. In August 2023, it said manufactured goods exports which accounted for 85.4 per cent, or RM98.36 billion of total exports, dropped by 17.7 per cent y-o-y following reduced demand for electrical and electronic products, petroleum products as well as palm oil-based manufactured products.Exports of mining goods were lower by 23.1 per cent y-o-y to RM8.46 billion due to a drop in liquefied natural gas and crude petroleum exports, Miti said.
“Exports to Asean major markets that recorded double-digit growth was Vietnam, which grew by RM825.7 million, and the Philippines, which increased by RM333.8 million supported by strong exports of petroleum products,” it said. The European Union , which contributed 8.2 per cent of Malaysia’a total trade, grew by 0.6 per cent y-o-y to RM17.49 billion.
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