10/10/2011 (The Star) - Malaysia's total exports for August registered a growth of 10.9% year-on-year to RM58.56bil, which is higher than the median 7.9% estimate of a Bloomberg economists' forecast.

The increase was mainly contributed by higher exports of palm oil, chemicals and chemical products, liquefied natural gas, rubber products, crude rubber, machinery, appliances and parts as well as manufactures of metal, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed in a statement issued by the Statistics Department.

China, Singapore, Japan, the United States and Thailand were the top five export destinations, accounting for 51.7% of Malaysia's total exports in August.

Exports to Asean improved by 10.7% year-on-year to RM14.37bil, accounting for 24.5% of total exports in August, on higher sales of refined petroleum products, chemicals and chemical products as well as palm oil. Exports to China rose 25.3% to RM8.4bil due mainly to an increase in exports of palm oil while exports to the European Union rose by 11.2% to RM6.26bil on higher sales of palm oil, chemicals and chemical products as well as crude rubber.

However, exports to the United States declined by 2.2% to RM5bil due to lower sales of electrical and electronic products. Exports of palm oil to the United States recorded an 84.6% increase from a year ago.

Total imports in August grew by 6.9% year-on-year to RM47.58bil while total trade expanded by 9.1% to RM106.14bil.