KUALA LUMPUR, Sept 28 (NNN-Bernama) — Malaysia’s exports remained on an uptrend in August 2021, increasing by 18.4 per cent year-on-year (y-o-y) to RM95.6 billion, according to the Department of Statistics (DOSM).
Chief statistician Mohd Uzir Mahidin said the double-digit growth in exports was supported by both domestic exports and re-exports.
“This was the twelfth consecutive month of y-o-y expansion since September 2020.
“Domestic exports stood at RM79.1 billion and account for 82.7 per cent of total exports, while re-exports grew by 16.7 per cent y-o-y to RM16.5 billion,” he said in a statement Tuesday.
He said imports in August 2021 grew by 12.5 per cent y-o-y to RM74.2 billion, while trade surplus surged by 44.7 per cent to RM21.4 billion.
“However, due to the slowdown in domestic economic activity, the month-on-month (m-o-m) performance of total trade, exports and imports showed declines of 6.1 per cent, 1.8 per cent and 11.2 per cent, respectively.
“Conversely, trade surplus increased by 55.5 per cent m-o-m,” he added.
Mohd Uzir said 159 out of 255 commodity groups for exports showed y-o-y increases, adding that as for imports, 155 of 257 groups posted positive growths.
The DOSM said the rise in exports was attributable mainly to the higher exports to Singapore (RM2.4 billion), Japan (RM1.8 billion), the United States (RM1.2 billion), Indonesia (RM1.1 billion), Hong Kong (RM1.0 billion), Australia (RM825.8 million) and China (RM814.8 million).
Meanwhile, China continued to be the major contributor to the increase in imports (RM3.2 billion), followed by Indonesia (RM1.7 billion), the European Union (RM1.5 billion), the Republic of Korea (RM1.5 billion) and Japan (RM759.5 million).
It said the expansion in exports was driven by petroleum products (RM2.6 billion); electrical and electronic (E&E) products (RM2.2 billion); chemical and chemical products (RM2.2 billion); manufacture of metal (RM1.9 billion); liquefied natural gas (RM1.9 billion); palm oil and palm oil-based agriculture products (RM1.4 billion) and palm oil-based manufactured products (RM1.1 billion).
Meanwhile, the rise in imports was seen to be due to E&E products (RM3.3 billion); chemical and chemical products (RM2.1 billion); iron and steel products (RM1.1 billion) and petroleum products (RM1.0 billion), it said.
— NNN-BERNAMA