Malaysia's exports surge in October on higher manufactured goods exports

Malaysia's exports surge in October on higher manufactured goods exports

MITI: Total trade in October 2017 surged by 19.8 percent

Malaysia's exports in October rose 18.9 percent year-on-year to 82.41 billion ringgit (20.27 billion USA dollars), said Malaysia's International Trade and Industry Minister Mustapa Mohamed Wednesday. In September, exports rose 14.8% from a year earlier, slowing from August's 21.6% growth.

Exports of mining goods grew 27.3 percent, mainly driven by increased exports of crude petroleum, while exports of agriculture goods increased by 6.3 percent, mainly supported by palm oil and palm oil-based agriculture products exports.

Meanwhile, on a month-on-month basis, total trade, exports and imports expanded by 4.3%, 5.3% and 3.2% respectively. It was also the third consecutive month in which imports posted stronger year-over-year growth in Malaysia.

The trade surplus rose to MYR 10.6 billion in October from MYR 9.9 billion in the corresponding month a year ago.

In terms of markets, exports to Malaysia's largest trading partner China surged 18.8% year-on-year in October.

Against a backdrop of strengthening economic growth, Bank Negara Malaysia appeared hawkish last month, signaling the possibility of higher interest rates next year.

Malaysia's exports to China expanded 20.5 percent year-on-year, led by higher exports of liquefied natural gas, manufactures of metal, petroleum products, chemicals and chemical products, rubber products and crude petroleum.

Exports to the US grew 13.8% from a year earlier in October, underpinned by an expansion in exports of manufactured and agriculture goods.

According to the minister's statement, all sectors registered positive growth in the month, with exports of manufactured goods up 19.5 percent year-on-year, due to higher exports of electrical and electronic and petroleum products. Imports rose by 20.9 percent to RM71.85 billion.

Trade surplus widened to 10.56 billion ringgit in October - the most in 19 months - from September's surplus of 8.60 billion ringgit.

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