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PETALING JAYA: Malaysia’s exports to all major markets, namely Asean, China, the United States, the European Union and Japan, recorded double-digit expansion in June.
The strong exports turbo-boosted Malaysia’s total trade performance, which surpassed RM1 trillion in value in just the first six months of the year.
According to the International Trade and Industry Ministry (Miti), this was the shortest period to breach the RM1 trillion milestone.
Data provided by the Statistics Department showed that exports to the five major markets in June totalled RM72.25bil, exceeding imports of RM57.8bil.
The markets collectively contributed almost 69% of June’s total exports.
Miti announced yesterday that the country’s total exports in June grew for the 10th consecutive month year-on-year (y-o-y) since September 2020, registering a strong growth of 27.2% to RM105.47bil.
This was the third time exports exceeded the RM100bil-mark.MIDF Research described the exports growth as “better-than-expected”, despite June being the first month of full lockdown.
Meanwhile, total imports in June increased by 32.1% to RM83.23bil and the trade surplus expanded by 11.7% to RM22.24bil.
“Trade, exports and imports recorded the second highest monthly value thus far after April 2021.
“This was also the highest monthly value for the month of June and double-digit growth for five successive months,” according to Miti.
The strong export growth in June was contributed by the high demand for petroleum products, rubber products as well as electrical and electronic (E&E) products.
The major driver of E&E products exports is the electronic integrated circuits used in the production of smartphones, cars, computers and home appliances.
Miti said that in June 2021, exports for all three sectors recorded strong double-digit expansion compared to the same month last year.
“Exports of manufactured goods which accounted for 86.6% of total exports, increased by 25.8% y-o-y to RM91.3bil and was the seventh consecutive month of double-digit growth.
“Export products which expanded more than RM1bil were seen for petroleum products, E&E products, rubber products, chemicals and chemical products, palm oil-based manufactured products as well as manufactures of metal.
“Exports of agriculture goods (8.3% share) grew by 40% to RM8.81bil compared to June 2020 driven mainly by higher exports of palm oil and palm oil-based agriculture products.CLICK TO ENLARGE
“Exports of mining goods (4.7% share) rose by 32.9% y-o-y to RM4.96bil, registering double-digit growth for three straight months. The expansion was underpinned by higher exports of crude petroleum and liquefied natural gas,” the ministry said.