KUALA LUMPUR: Malaysia’s total exports rose almost 19% to RM935.4bil in 2017 from a year ago while imports posted an increase of about 20% to RM838.1bil.

The Statistics Department said on a year-on-year (y-o-y) basis, exports increased 4.7%, or RM3.5bil to RM79.3bil in December 2017, missing economists forecast of a 12.7% growth. 

Re-exports in December 2017 was valued at RM12.1bil and accounted for 15.3% of total exports. Domestic exports grew 4.5% to RM67.2bil.

On a y-o-y basis, export growth was supported by expansion in exports to Hong Kong (+RM1.6bil), China (+RM1.3bil), European Union (+RM853mil), Vietnam (+RM589.7mil) and South Korea (+RM512.5mil). 

 

On a y-o-y basis, imports expanded 7.9% or RM5.2bil to RM72.1bil. On a month-on-month (m-o-m) basis, exports decreased 5% to RM4.2bil from RM83.5bil. In seasonally adjusted terms, exports decreased 8.2%.

The department said total trade in December 2017 which was valued at RM151.4bil grew RM8.8bil or 6.2% from a year ago. However, it posted a decrease of RM5.7bil or 3.6% when compared to the previous month. 

The trade surplus for December 2017 was RM7.3bil and recorded a decrease of RM1.7bil from a year ago. It also declined RM2.7bil or 27.2% when compared to the previous month.

The Statistics Department said December 2017’s exports were mainly driven by an increase in electrical and electronic (E&E) products grew RM1.7bil to RM28.7bil.

Liquefied natural gas (LNG), which contributed 5.1% to total exports, grew RM188.2mil or 4.8% to RM4.1bil due to the increase in export volume (+6.5%) although average unit value dropped 1.5%. 

Crude petroleum, which contributed 3.4% to total exports, rose RM174.4mil or 6.9% to RM2.7bil due to the increase in average unit value (+17.0%) although export volume declined 8.7%.

However, refined petroleum products, which accounted for 5.8% of total exports, shrank RM306.5mil or 6.2% to RM4.6bil due to the decrease in export volume (-14.5%) as average unit value increased 9.7%.

On a y-o-y basis, imports increased 7.9% from RM66.8bil, contributed by imports of capital goods. 

Imports of capital goods, which accounted for 16.9% of total imports, increased RM3.2bil (+35.2%) to RM12.2bil due to the increase in both transport equipment, industrial (+RM3bil, +534.3%) and capital goods (except transport equipment) (+RM225mil, +2.7%).

These goods which constituted 53.0% of total imports dropped RM256.8mil (-0.7%) to RM38.2bil. The decrease was mainly attributed to industrial supplies, processed (-RM740.2mil, -4.8%), food & beverages, processed, mainly for industries (-RM311.2mil, -26.8%), and parts & accessories of capital goods (except transport equipment) (-RM205.9mil, -1.4%). 

 

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