KUALA LUMPUR, Aug 18 (NNN-Bernama) — Malaysia’s trade with ASEAN represented 28.1 per cent or RM60.8 billion (US$1=RM4.64) of Malaysia\u2019s total trade in July, a drop of\u00a017 per cent in year-on-year (y-o-y), said the Ministry of Investment, Trade and Industry (Miti).<\/p>\n\n\n\n
Exports shrank by 18.8 per cent to RM34.53 billion, mainly due to lower exports of petroleum products while higher exports were recorded for crude petroleum. <\/p>\n\n\n\n
Imports from ASEAN contracted by 14.6 per cent to RM26.27 billion.<\/p>\n\n\n\n
Exports to ASEAN major markets that recorded an increase was Vietnam, which grew by RM9.4 million led by strong exports of electrical and electronic (E&E) products.<\/p>\n\n\n\n
For the period of January to July 2023, trade with ASEAN reduced by 6.1 per cent to RM415.82 billion compared to the corresponding period of 2022. <\/p>\n\n\n\n
Malaysia’s trade with China constituted 17.2 per cent (RM37.13 billion) of its total trade in July, slipping by 8.4 per cent y-o-y.<\/p>\n\n\n\n
“Exports to China rebounded by 6.1 per cent to RM16.8 billion, boosted by strong exports of E&E products, petroleum products as well as paper and pulp products. <\/p>\n\n\n\n
“Imports from China went down by 17.7 per cent to RM20.33 billion,” Miti said in its external trade report for July 2023 and for January-July 2023.<\/p>\n\n\n\n
In the first seven months of 2023, trade with China was down by 7.1 per cent to RM252.81 billion against the same period of 2022. <\/p>\n\n\n\n
Trade with the United States (US) in July 2023, which represented 9.8 per cent of Malaysia\u2019s total trade, weakened by 6.7 per cent y-o-y to RM21.27 billion. <\/p>\n\n\n\n
Exports improved by 2.2 per cent to RM13.59 billion following strong demand for E&E products, while imports from the US slipped by 19.3 per cent to RM7.67 billion.<\/p>\n\n\n\n
For the period of January to July 2023, trade with the US was down by 5.4 per cent to RM139.62 billion compared to the same period of 2022. <\/p>\n\n\n\n
Meanwhile, trade with the European Union (EU) comprised 7.8 per cent of Malaysia\u2019s total trade, contracting by 1.2 per cent y-o-y to RM16.83 billion in July. Exports amounted to RM9.01 billion, which declined by 5.8 per cent. <\/p>\n\n\n\n
Exports to major markets in the EU that recorded growth were the Netherlands, which increased by RM343.8 million, Germany (RM129.5 million), and Belgium (RM49.1 million) due to strong exports of E&E products.<\/p>\n\n\n\n
From January to July 2023, trade with the EU dropped by 4.5 per cent to RM118.63 billion versus the same period in 2022.<\/p>\n\n\n\n
Trade with Japan, which accounted for 5.4 per cent or RM11.59 billion of Malaysia\u2019s total trade, fell 23.8 per cent y-o-y in July. Exports were down by 26.9 per cent to RM5.8 billion, attributed mainly to lower shipments of liquefied natural gas (LNG). <\/p>\n\n\n\n
For the first seven months of 2023, trade with Japan dipped by 9.4 per cent to RM91.69 billion compared to the corresponding period of 2022.<\/p>\n\n\n\n
Trade with free trade agreement (FTA) partners, which composed 67.6 per cent (RM146.37 billion) of Malaysia\u2019s total trade, shrank by 14.3 per cent y-o-y in July. Exports to FTA partners declined by 11.4 per cent to RM81.94 billion and imports eased by 17.7 per cent to RM64.42 billion.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Aug 18 (NNN-Bernama) — Malaysia’s trade with ASEAN represented 28.1 per cent or RM60.8 billion (US$1=RM4.64) of Malaysia\u2019s total trade in July, a drop of\u00a017 per cent in year-on-year (y-o-y), said the Ministry of Investment, Trade and Industry (Miti). Exports shrank by 18.8 per cent to RM34.53 billion, mainly due to lower exports […]<\/p>\n","protected":false},"author":30,"featured_media":146968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/233473"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=233473"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/233473\/revisions"}],"predecessor-version":[{"id":233474,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/233473\/revisions\/233474"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/146968"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=233473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=233473"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=233473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}