Malaysia’s exports grew 13.6% to $15.76 bn in Jan
The Dollar Business Bureau
Malaysia’s exports witnessed a double-digit growth of 13.6% to RM70.24 billion (around $15.76 billion) in the month of January 2017, the highest ever export value in a month ever achieved, Ministry of International Trade and Industry said on Friday.
The exports figures surpassed the last high of RM64.05 billion recorded in January 2014.
The exports in January grew consecutively for the third month, increasing by its fastest rate in over a year on account of strong demand for manufactured goods and commodities, the government data said.
The country’s imports have increased by 16.1% to RM65.53 billion.
In January, the country registered a trade balance of RM4.71 billion ($1.05 billion). This is consecutively for the last 231 months that the country had a trade surplus. It last had a surplus in November 1997.
As per the Ministry of International Trade and Industry, the export performance in the month of January was backed by a two-digit growth in all key sectors.
The exports of manufactured goods grew by 12.2%, and make up for around 80.8% of country’s overall exports, the data showed.
The exports of mining and agricultural goods increased by 18.8% and 16.1%, respectively, it said.
Exports to China surged 31.6%, on account of higher demand for electronic, electrical goods and palm oil-based products.
Exports to the US increased 5.6% in January compared to the same month in the previous year, whereas shipments to Europe jumped 12.1%.