by TMR / Pic by ARIF KARTONO

MALAYSIA’S total exports in November this year was valued at RM84.4 billion, a growth of 4.3% compared to the same month in 2019, according to the November 2020 External Trade Statistics report.

The Department of Statistics Malaysia chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth in exports was driven by re-exports, widening by 18.1%.

“The re-export value of RM15.4 billion represented 18.2% of total exports. Meanwhile, domestic exports value of RM69.1 billion grew by 1.7% compared to November 2019.

“Imports totalled RM67.6 billion, which continued to register a negative growth of 9%. This was the ninth consecutive month of decrease since March 2020,” he said in a statement yesterday, adding that a significant decrease in imports has resulted in a higher trade surplus of RM16.8 billion, surging by 151.6% year-on-year (YoY).

“Against the backdrop of challenging global economic conditions due to Covid-19 effects, Malaysia’s total trade in November 2020 declined by 2% from RM155.2 billion in November last year to RM152 billion,” he said.

The department also reported that the expansion in exports was supported mainly by higher exports to the US (+RM1.9 billion), Singapore (+RM1.8 billion), China (+RM1.7 billion), Hong Kong (+RM1.3 billion) and the European Union (EU) (RM457.4 million).

Meanwhile, decreases in imports were mainly from Singapore (-RM2.2 billion), the EU (-RM1.1 billion), the United Arab Emirates (-RM846.3 million), China (-RM738.7 million) and the US (-RM705.2 million).

The main products which contributed to the increase in exports were electrical and electronics products (+RM6.5 billion), rubber products (+RM2.9 billion), and palm oil-based agriculture products (+RM433.6 million), while decreases were for petroleum products (-RM4.1 billion), transport equipment (-RM1.1 billion), manufacture of metal (-RM629.7 million), machinery, equipment and parts (-RM563.1 million), and crude petroleum (-RM499.8 million).

However, the three main categories of imports by end-use, which accounted for 74.1% of total imports, recorded a decrease. Intermediate goods valued at RM36.6 billion (54.2%) decreased by 10.6% YoY. Capital goods amounted to RM7.2 billion (10.6%) down 26.5%, while consumption goods (9.3%) went down 7.2% to RM6.3 billion. — TMR