MARKET DEVELOPMENT
Malaysia’s August Exports Exceed Forecast to Hit RM63.88b (Update)
Malaysia’s August Exports Exceed Forecast to Hit RM63.88b (Update)
08/10/2014 (The Star) - Malaysia’s exports grew faster-than-expected by 1.7% to RM63.88bil in August from a year ago, underpinned by sales of electrical and electronic (E&E) products, and exceeding economists’ forecast of a decline of 1.4%.
The Statistics Department said on Tuesday the major exports were E&E products valued at RM21.5bil and accounted for 33.7% of total exports. However, the slower economic growth in China saw Malaysia's exports to Asia’s largest economy falling 21.9% to RM7.13bil.
As for imports, the trade data show they rose 7.6% to RM60.02bil, compared to a survey of 0.4% growth. Malaysia recorded a trade surplus of RM3.86bil for August.
Total trade in August was RM123.9bil, an increase of 4.5% from the RM118.58bil a year ago.
“Increases in trade were recorded with Singapore which rose by RM1.8bil, the US (up RM870.5mil), India (up RM870.4mil), Japan (up RM819.8mil) and Thailand (up RM500.7mil),” it said.
Exports of manufactured goods increased by 1.3% to RM49.19bil from a year ago.
“The increase in exports of manufactured goods was contributed mainly by higher exports of E&E products by RM761.8mil especially electronic integrated circuits; machinery, appliances and parts, chemicals & chemical products, processed food as well as optical and scientific equipment,” it said.
Exports of mining goods rose 7.5% to RM8.63bil, contributed by higher export volumes of crude petroleum and LNG.
However, exports of agricultural goods fell 1.6% to RM5.67bil. It attributed the factors to lower exports of crude natural rubber due to both lower price and volume while palm oil exports were affected by lower volume.
Malaysia's major exports in August were E&E products valued at RM21.5bil and accounted for 33.7% of total exports.
The E&E exports increased by 3.7% or RM761.8mil from a year ago, boosted by higher exports mainly to Hong Kong, the Netherlands, Japan and India.
China’s slower domestic economic activities as reflected by the Purchasing Managers’ Index (PMI) which dropped to 51.1% from 51.7% in July 2014 contributed to lower exports to China in August 2014.
“Exports to China contracted by 21.9% or RM2bil to RM7.13bil because of lower exports of manufactures of metal, palm oil, E&E products (electronic integrated circuits) as well as chemicals and chemical products,” it said.
Total imports in August rose 7.6% to RM60.02bil from a year ago, mainly due to intermediate goods.
Malaysia imported intermediate goods totaling RM37.61bil or 62.7% of total imports while capital goods accounted for RM8.6bil or 14.3% of total imports and consumption goods at RM4.21bil or 7% of total imports.
It said E&E products imported totaled RM17.23bil, or 28.7% of total imports while petroleum products amounted to RM6.5bil and chemicals and chemical products at RM5.34bil.
For January to August of 2014, trade rose 7.9%; exports advanced 9.5% and imports up 6.1% (with higher imports of intermediate and consumption goods).
“Trade surplus of RM52.31bil was registered, an increase of 52.4% for the period. Continued demand for manufactured goods from most major markets supported export growth in August,” it said.
The Statistics Department said on Tuesday the major exports were E&E products valued at RM21.5bil and accounted for 33.7% of total exports. However, the slower economic growth in China saw Malaysia's exports to Asia’s largest economy falling 21.9% to RM7.13bil.
As for imports, the trade data show they rose 7.6% to RM60.02bil, compared to a survey of 0.4% growth. Malaysia recorded a trade surplus of RM3.86bil for August.
Total trade in August was RM123.9bil, an increase of 4.5% from the RM118.58bil a year ago.
“Increases in trade were recorded with Singapore which rose by RM1.8bil, the US (up RM870.5mil), India (up RM870.4mil), Japan (up RM819.8mil) and Thailand (up RM500.7mil),” it said.
Exports of manufactured goods increased by 1.3% to RM49.19bil from a year ago.
“The increase in exports of manufactured goods was contributed mainly by higher exports of E&E products by RM761.8mil especially electronic integrated circuits; machinery, appliances and parts, chemicals & chemical products, processed food as well as optical and scientific equipment,” it said.
Exports of mining goods rose 7.5% to RM8.63bil, contributed by higher export volumes of crude petroleum and LNG.
However, exports of agricultural goods fell 1.6% to RM5.67bil. It attributed the factors to lower exports of crude natural rubber due to both lower price and volume while palm oil exports were affected by lower volume.
Malaysia's major exports in August were E&E products valued at RM21.5bil and accounted for 33.7% of total exports.
The E&E exports increased by 3.7% or RM761.8mil from a year ago, boosted by higher exports mainly to Hong Kong, the Netherlands, Japan and India.
China’s slower domestic economic activities as reflected by the Purchasing Managers’ Index (PMI) which dropped to 51.1% from 51.7% in July 2014 contributed to lower exports to China in August 2014.
“Exports to China contracted by 21.9% or RM2bil to RM7.13bil because of lower exports of manufactures of metal, palm oil, E&E products (electronic integrated circuits) as well as chemicals and chemical products,” it said.
Total imports in August rose 7.6% to RM60.02bil from a year ago, mainly due to intermediate goods.
Malaysia imported intermediate goods totaling RM37.61bil or 62.7% of total imports while capital goods accounted for RM8.6bil or 14.3% of total imports and consumption goods at RM4.21bil or 7% of total imports.
It said E&E products imported totaled RM17.23bil, or 28.7% of total imports while petroleum products amounted to RM6.5bil and chemicals and chemical products at RM5.34bil.
For January to August of 2014, trade rose 7.9%; exports advanced 9.5% and imports up 6.1% (with higher imports of intermediate and consumption goods).
“Trade surplus of RM52.31bil was registered, an increase of 52.4% for the period. Continued demand for manufactured goods from most major markets supported export growth in August,” it said.