Malaysia exports rebound in October on shipments of electronics, palm oil
19/11/2024 (The Edge Malaysia), Kuala Lumpur - Malaysia’s exports rebounded in October this year, as growth in deliveries of electronics and palm oil offset sharp contraction in shipments of petroleum, official data on Tuesday showed.
Exports increased by 1.6% to RM128.12 billion in October, from the same month last year, according to the Ministry of Investment, Trade and Industry (Miti). That compares to the median 2.5% rise predicted in a Bloomberg survey of economists, and September’s revised 0.6% year-on-year decline.
“Malaysia remains susceptible to global vulnerabilities that could impact its economic growth,” Miti said, flagging risks including escalation of geopolitical tensions, supply chain disruptions, volatility in financial markets, and varying growth prospects of its trading partners.
The ministry will closely monitor and mitigate risks to trade growth, “particularly through intensified market promotional activities and the opening of new markets for Malaysian exports,” it added.
Exports of electrical and electronic products — which account for more than 41% of total exports, grew 7.6% in October, while that of palm oil were up 12%. Shipments of petroleum products, however, shrank 31% year-on-year during the month.
In terms of markets, exports to China — Malaysia’s biggest trading partner — fell 6.5% in October. However, outbound deliveries surged 33% to the US, and 7.7% to the European Union. Exports to Taiwan were up 49%.
Gross imports in October picked up 2.6% to RM116.14 billion, driven by intermediate goods, such as parts and accessories for non-transport capital goods. Imports of consumption goods were 3% higher, led by semi-durable goods.
Capital goods imports, however, decreased 2.7%, largely due to reduced purchases of industrial transport equipment.
Trade surplus narrowed 7.6% year-on-year to RM11.98 billion, but nevertheless marked the 54th consecutive month of exports exceeding imports.
On a month-on-month basis, exports grew 3.7% and imports 4.8%, while trade surplus fell 6.2%.