Exports bounces back, trade surplus at 9-month high of RM20.9b in June 2020


MALAYSIA’S exports is seeing signs of recovery from the COVID-19 crisis, recording a positive growth of 8.8 per cent year-on year to RM82.9 billion in June 2020.

Meanwhile, trade surplus stood at RM20.9 billion, the largest since October 2019.

“This was the largest trade surplus recorded since October 2019, when it stood at RM17.3 billion,” said the Department of Statistics Malaysia (DoSM) in a statement today.

Imports, however, had declined by 5.6 per cent year-on-year (y-o-y) to RM61.98 billion.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin (picture) said Malaysia’s total trade stood at RM144.8 billion during the month, expanding by 2.2 per cent y-o-y.

He attributed the growth to higher exports to China (+RM4.7 billion), the United States (+RM2.1 billion) and Hong Kong (+RM1.4 billion).

The main products which contributed to the expansion in exports were electrical and electronic products (+RM4.5 billion), rubber products (+RM1.8 billion), palm oil and palm oil-based agriculture products (+RM1.5 billion), optical and scientific equipment (+RM993.6 million) and machinery, equipment and parts (+RM951.4 million).

Meanwhile, the decline in imports were mainly attributed to lower imports from the European Union (-RM1.1 billion), Singapore (-RM772.8 million), Thailand (-RM723.1 million) and South Korea (-RM706.6 million).

The decline was most notable in imports of petroleum products, which fell by RM2.4 billion, transport equipment (-RM1.7 billion) and crude petroleum (-RM1.1 billion).

Mohd Uzir added that imports of intermediate goods fell by 10.8 per cent or RM4.1 billion to RM34.1 billion, while imports of consumption goods and capital goods increased 9.0 per cent to RM6.1 billion and 2.8 per cent to RM7.3 billion, respectively.