MARKET DEVELOPMENT
Malaysia’s December Exports at RM67.7b, Exceed Forecasts (Update)
Malaysia’s December Exports at RM67.7b, Exceed Forecasts (Update)
05/02/2015 (The Star) - Malaysia’s exports rose stronger-than-expected in December 2014 to RM67.7bil, an increase of 2.7% and exceeded expectations of a 1% growth, underpinned by higher exports to the US and European Union especially electrical and electronic (E&E) products.
The Statistics Department said on Thursday imports rose 4.2% to RM58.5bil, again beating a survey of 2.6% growth following an increase from China and Saudi Arabia.
When compared with November, exports increased by RM4bil (up 6.2%) from RM63.7bil. In seasonally adjusted terms, exports expanded by 6.3%.
The department said exports to US rose RM1.3bil, European Union (+RM1.2bil), South Korea (+RM963mil), Singapore (+RM523.2mil) and India (+RM444.1mi).
When compared to November, imports rose RM5.9bil (up 11.2%) from RM52.6bil. In seasonally adjusted terms, imports increased by 8.7%.
The growth in exports were mainly from China (up RM1.7bil), Saudi Arabia (+RM589.1mil), India (+RM526.4mil), US (+RM397.9mil) and Australia (+RM394.0mil).
December’s total trade was RM126.2bil, an increase of RM4.1bil or 3.4% on-year. It increased by RM9.9bil or 8.5% from November.
When compared with a year ago, the country’s trade surplus fell RM573.3mil or 5.9% to RM9.2bil. It also fell RM1.9bil or 17.4% from November.
The department said December exports increased 2.7% on-year from RM65.9bil. The main products contributing to the increase were E&E products, which accounted for 34.4% of total exports, expanded RM3bil or 14.9% to RM23.3bil;
It said liquefied natural gas (LNG), which contributed 9.4% to total exports, grew 12.9% or RM724.7mil to RM6.3bil. This due to the increase in both export volume (+6.8%) and average unit value (+5.7%).
Malaysia also exported more timber and timber-based products, which contributed 2.8% to total exports. Exports of the products rose RM211.4mil or 12.5% to RM1.9bil.
However, petroleum products, crude petroleum and natural rubber recorded a fall in export value in December.
Petroleum products, which accounted for 6.4% of total exports, fell RM3.3bil or 43.3% to RM4.3bi due to the decrease in both export volume (-32.3%) and average unit value (-16.2%).
The department said crude petroleum (3.4% of total exports), fell RM1.3bil or 35.7% to RM2.3bil due to the drop in average unit value of 27.3% and export volume by 11.6%.
Palm oil and palm oil-based products (8.2% of total exports), fell RM48.9mil or 0.9% to RM5.5bi. Exports of palm oil fell RM369.4mil or 9.3% due to the decrease in average unit value (-9.7%) as export volume increased 0.5%.
When compared with November, the department said exports rose 6.2% to RM67.7bil mainly due to LNG, palm oil, petroleum products and E&E products.
LNG, expanded RM1.1bil (+21.6%) from RM5.2bil due to the increase in both export volume (+19.7%) and average unit value (+1.6%).
Palm oil and palm oil-based products, increased RM532.2mil or 10.7% from RM5.0bil. Exports of palm oil rose RM355.5mil due to higher volume as average unit value decreased marginally by 0.7%.
Petroleum products reported an increase of 12.7% to RM486.5mil (+12.7%) from RM3.8 billion due to the increase in export volume of 20.0% as average unit value decreased 6.1%.
As for E&E products, there was an increase of RM334.7mil (+1.5%) from RM23.0bil.
However, crude petroleum exports fell RM485.5mil or 17.3% from RM2.8bil due to the decrease in both export volume (-7.3%) and average unit value (-10.7%).
The Statistics Department said on Thursday imports rose 4.2% to RM58.5bil, again beating a survey of 2.6% growth following an increase from China and Saudi Arabia.
When compared with November, exports increased by RM4bil (up 6.2%) from RM63.7bil. In seasonally adjusted terms, exports expanded by 6.3%.
The department said exports to US rose RM1.3bil, European Union (+RM1.2bil), South Korea (+RM963mil), Singapore (+RM523.2mil) and India (+RM444.1mi).
When compared to November, imports rose RM5.9bil (up 11.2%) from RM52.6bil. In seasonally adjusted terms, imports increased by 8.7%.
The growth in exports were mainly from China (up RM1.7bil), Saudi Arabia (+RM589.1mil), India (+RM526.4mil), US (+RM397.9mil) and Australia (+RM394.0mil).
December’s total trade was RM126.2bil, an increase of RM4.1bil or 3.4% on-year. It increased by RM9.9bil or 8.5% from November.
When compared with a year ago, the country’s trade surplus fell RM573.3mil or 5.9% to RM9.2bil. It also fell RM1.9bil or 17.4% from November.
The department said December exports increased 2.7% on-year from RM65.9bil. The main products contributing to the increase were E&E products, which accounted for 34.4% of total exports, expanded RM3bil or 14.9% to RM23.3bil;
It said liquefied natural gas (LNG), which contributed 9.4% to total exports, grew 12.9% or RM724.7mil to RM6.3bil. This due to the increase in both export volume (+6.8%) and average unit value (+5.7%).
Malaysia also exported more timber and timber-based products, which contributed 2.8% to total exports. Exports of the products rose RM211.4mil or 12.5% to RM1.9bil.
However, petroleum products, crude petroleum and natural rubber recorded a fall in export value in December.
Petroleum products, which accounted for 6.4% of total exports, fell RM3.3bil or 43.3% to RM4.3bi due to the decrease in both export volume (-32.3%) and average unit value (-16.2%).
The department said crude petroleum (3.4% of total exports), fell RM1.3bil or 35.7% to RM2.3bil due to the drop in average unit value of 27.3% and export volume by 11.6%.
Palm oil and palm oil-based products (8.2% of total exports), fell RM48.9mil or 0.9% to RM5.5bi. Exports of palm oil fell RM369.4mil or 9.3% due to the decrease in average unit value (-9.7%) as export volume increased 0.5%.
When compared with November, the department said exports rose 6.2% to RM67.7bil mainly due to LNG, palm oil, petroleum products and E&E products.
LNG, expanded RM1.1bil (+21.6%) from RM5.2bil due to the increase in both export volume (+19.7%) and average unit value (+1.6%).
Palm oil and palm oil-based products, increased RM532.2mil or 10.7% from RM5.0bil. Exports of palm oil rose RM355.5mil due to higher volume as average unit value decreased marginally by 0.7%.
Petroleum products reported an increase of 12.7% to RM486.5mil (+12.7%) from RM3.8 billion due to the increase in export volume of 20.0% as average unit value decreased 6.1%.
As for E&E products, there was an increase of RM334.7mil (+1.5%) from RM23.0bil.
However, crude petroleum exports fell RM485.5mil or 17.3% from RM2.8bil due to the decrease in both export volume (-7.3%) and average unit value (-10.7%).