Malaysia’s June exports rise 10% to RM73.1 billion

The Statistics Department in a statement yesterday said re-exports in June were valued at 9.7 billion ringgit and accounted for 13.2 per cent of total exports. 
Domestic exports were higher by 7.6 billion ringgit to register at 63.4 billion ringgit.
It said on a year-on-year basis, imports also increased from 2.3 billion ringgit to 63.2 billion ringgit. However, the growth was below the 19.8-per-cent rise by economists’ forecast. 
Total trade in June, which was valued at 136.3 billion ringgit, grew 7.0 per cent from a year ago. However, it fell 11.1 per cent from May. 
In June, a trade surplus of 9.9 billion ringgit was recorded, where a similar increase of 79.0 per cent for both year-on-year and month-on-month was registered.
Compared to May, total trade, exports and imports, fell 11.1 per cent, 8 per cent and 14.5 per cent.
The Statistics Department said June’s exports were mainly driven by an increase in electrical and electronic products, which rose 3.7 billion ringgit to 28 billion ringgit.
Liquefied natural gas, which contributed 5.4 per cent to total exports, grew 97.3 per cent to 4 billion ringgit due to the increase in both average unit value and export volume. 
Palm oil and palm oil-based products rose 845.7 million ringgit to 6.2 billion ringgit. 
Exports of palm oil, the major commodity in this group of products, rose 16.5 per cent due to an increase in both export volume and average unit value.
However, refined petroleum products, which accounted for 5 per cent of total exports, shrank 15.7 per cent to 3.7 billion ringgit due to a 31-per-cent decrease in export volume as average unit value increased 22.2 per cent.
Timber and timber-based products fell 67.1 million ringgit to 1.7 billion ringgit while crude petroleum decreased 19.9 million ringgit to 1.9 billion ringgit due to the 9.2-per-cent decline in export volume as average unit value increased 9 per cent.
The Statistic Department said on a year-on-year basis, imports increased 3.7 per cent from 60.9 billion ringgit, contributed by intermediate goods and capital goods.
It said intermediate goods, which constituted 60.5 per cent of total imports, increased 3.6 billion ringgit to 38.2 billion ringgit. 
The growth was mainly attributed to parts and accessories of capital goods (except transport equipment), industrial supplies, processed industrial supplies, primary and food and beverages, mainly for industries.
In the first half of 2017, Malaysia’s total trade rose by 22 per cent to 859.17 billion ringgit from 704 billion ringgit recorded in the first half of 2016.