By BERNAMA / Pic By TMR
Malaysia’s trade in January 2019 expanded 2.1% year-on-year (YoY) to reach RM159.3 billion from the same month of last year, said the International Trade and Industry Ministry (MITI).
In a statement, MITI said exports registered an expansion of 3.1% to RM85.41 billion, while imports grew by 1% to RM73.89 billion, resulting in a trade surplus of RM11.52 billion, 19.2% higher compared to January 2018.
This was the 255th consecutive month of trade surplus recorded since November 1997.
It said the export expansion in January was driven mainly by growth in the manufacturing and mining sectors, which grew 2.9% and 23.5% respectively.
“Trade with Asean in January declined by 2.2% to RM41.97 billion compared to January 2018, while exports grew by 3.4% to RM24.98 billion with imports lower by 9.6% to RM16.99 billion.
“Trade with China rose by 14.1% YoY to RM28.92 billion, while exports increased by 9.1% to RM11.02 billion and imports surged by 17.5% to RM17.9 billion,” it added.
MITI said trade with the European Union (EU) slipped by 1.5% YoY to RM15.29 billion. Exports to the EU grew by 4.3% to RM8.73 billion in January, while imports contracted by 8.2% to RM6.56 billion.
In terms of products, higher exports to the EU were contributed by manufactured goods, primarily electronic and electrical products, palm oil-based manufactured products, transport equipment, and textiles, apparels and footwear.
On total trade with the US, the ministry said there was an increase of 2.7% YoY to RM13.29 billion with exports 9.4% higher at RM7.95 billion as imports decreased 5.9% to RM5.33 billion.
It said trade with Japan slipped by 1.8% YoY to RM11.51 billion, with exports down by 5% to RM6.67 billion, while imports registered an increase of 2.9% to RM4.85 billion. — Bernama