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Malaysia's exports up 8.7 pct in January

KUALA LUMPUR
2024-02-20 14:33

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KUALA LUMPUR, Feb. 20 (Xinhua) -- Malaysia's exports edged up by 8.7 percent year on year to 122.43 billion ringgit (25.55 billion U.S. dollars) in January, official data showed Tuesday.

The Ministry of Investment, Trade and Industry said in a statement that the export growth was boosted by higher shipments of petroleum products, machinery, equipment and parts, iron and steel products as well as manufactures of metal.

Exports to major trading partners, namely the Association of Southeast Asian Nations (ASEAN), the United States, the European Union and Japan, recorded expansion, it said.

Malaysia's trade in the month rebounded with a double-digit expansion of 13.3 percent to 234.73 billion ringgit.

Its imports for the month also increased by 18.8 percent to 112.3 billion ringgit. The country's trade surplus amounted to 10.12 billion ringgit.

In January, exports of manufactured goods, which accounted for 84.7 percent of total exports, improved by 9.3 percent year on year to 103.65 billion ringgit. Almost all manufactured goods recorded double-digit export expansion.

Exports of mining goods (7.9 percent share) for the month declined by 4.9 percent year on year to 9.72 billion ringgit following reduced exports of liquefied natural gas.

Exports of agriculture goods (6.7 percent share) rebounded with a double-digit expansion of 17.5 percent to 8.24 billion ringgit, mainly driven by robust exports of palm oil and palm oil-based agriculture products. (1 ringgit equals 0.21 U.S. dollar)
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