Malaysia January exports up 17.9% on year, imports 11.6% higher [Goreng Goreng]

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Publish date: Mon, 05 Mar 2018, 03:18 PM

KUALA LUMPUR (March 5): Malaysia’s January 2018 exports grew 17.9% year-on-year (y-o-y) to RM82.9 billion, fueled by stronger demand for electrical and electronic (E&E) products and commodities, which included oil palm goods and liquefied natural gas (LNG).

According to data released by the Department of Statistics today, E&E exports increased 27.1%, while sales of oil palm products and LNG grew 10.4% and 14% respectively.

"On a y-o-y basis, (total) exports increased due to higher exports to Hong Kong (+RM3.9 billion), China (+RM1.5 billion), Vietnam (+RM1.2 billion), European Union (+RM1.0 billion), Singapore (+RM903.9 million) and South Korea (+RM870.3 million)," the department said.

Malaysian imports also rose. The department said January 2018 imports expanded 11.6% y-o-y to RM73.2 billion, on higher purchases of consumption goods.

"Imports of consumption goods which accounted for 8.6% of total imports, recorded an increase of RM563.1 million (+9.8%) to RM6.3 billion. The increase was mainly attributed to food & beverages, processed, mainly for household consumption (+RM192.3 million, +13.2%), non-durables (+RM145.4 million, +11.6%) and semi-durables (+RM131.7 million, +10.2%)," the department said.

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