M'sia's Total Trade Up 1.7 Percent To US$33.58 Billion In January

KUALA LUMPUR, March 7 (Bernama) -- Malaysia’s total trade for January rose by 1.7 per cent to RM101.39 billion (US$33.58 billion) vis-a-vis January last year, said Malaysian International Trade and Industry Minister Mustapa Mohamed. He said exports increased by 0.4 per cent to RM55.07 billion (US$18.17 billion) from that a year ago, while imports were higher by 3.3 per cent to RM46.32 billion (US$15.28 billion). The increased exports in January were largely contributed by higher exports of liquefied natural gas and refined petroleum products and higher prices of these products, he said. In addition, he said, there were higher exports of iron, steel products, chemicals and chemical products. Mustapa said Japan, Singapore, China, the United States and Thailand were the top five export destinations in January. Exports to Asean stood at RM13.97 billion (US$4.60 billion), accounting for 25.4 per cent of Malaysia’s total exports in January this year. Total exports to the 10-member regional grouping registered a 1.2 per cent increase from January last year, due mainly to higher crude petroleum, refined petroleum products and palm oil exports. Exports to Thailand improved 4.5 per cent than a year ago and 8.5 per cent in December last year. Exports to Japan grew 26.6 per cent to RM7.8 billion (US$2.57 billion) while to the United States by one per cent to RM4.59 billion (US$1.51 billion) in January. Exports to China was however 12.2 per cent lower at RM5.98 billion (US$1.97 billion) from a year ago, mainly attributed to the fall in exports of crude petroleum, rubber and electrical and electronics (E&E) products. The decline in E&E products was due to the weak global demand, he said. Mustapa said exports to the European Union also dwindled by 14.5 per cent to RM5 billion as a result of lower exports of palm oil, E&E products and manufactures of metal and crude rubber. Other markets that showed exports growth were South Korea, which recorded 22.6 per cent rise to RM2.49 billion (US$822 million), and Australia, with 22.3 per cent increase to RM2.22 billion (US$733 million), he said. Total imports from Asean member states amounted to RM12.6 billion (US$4.16 billion) or 27.2 per cent of Malaysia’s total imports in January. Meanwhile, trade balance for January stood at RM8.750 billion (US$2.88 billion) as compared with RM9.990 billion (US$3.30 billion) in January last year. (US$1 = RM3.02) -- BERNAMA