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Malaysia's February exports surge 17.6 pct, biggest growth since October 2018

Malaysia's exports surged 17.6 percent year on year to 87.57 billion ringgit (21.14 U.S. dollars) in February, the biggest growth since October 2018, official data showed Monday.

International Trade and Industry Ministry (MITI) said in a statement that Malaysia's trade in February expanded 15.4 percent year on year to 157.27 billion ringgit; imports grew 12.7 percent to 69.7 billion ringgit; trade surplus jumped 41.6 percent to 17.86 billion ringgit.

From January to February, it said, the total trade expanded by 9.4 percent to 319.92 billion ringgit, with exports rose 11.7 percent year on year to 177.19 billion ringgit; imports increased by 6.6 percent to 142.73 billion ringgit. Trade surplus surged by 39.8 percent to 34.47 billion ringgit.

MITI said February's export growth was supported by an increase in global demand notably for electrical and electronic (E&E) products mainly semiconductor, rubber products as well as commodity-based products particularly petroleum products and palm oil.

It also said higher exports were seen to most major markets namely ASEAN, China, the United States, the European Union, Japan and China's Hong Kong.

According to MITI, exports of manufactured goods rose 20.1 percent year on year to 75.83 billion ringgit in February, mainly driven by higher exports of E&E products, rubber products and petroleum products.

Exports of agriculture goods climbed 9.7 percent to 5.69 billion ringgit, buoyed mainly by higher shipments of palm oil and palm oil-based agriculture products.

Exports of mining goods, however, contracted by 7.8 percent due to lower exports of liquefied natural gas (LNG) and crude petroleum.

Meanwhile, Malaysia's trade with China in February surged by 49.8 percent year on year to 28.76 billion ringgit, representing 18.3 percent of Malaysia's total trade.

Its exports to China also soared 35.8 percent to 12.82 billion ringgit, underpinned by higher exports of E&E products, petroleum products and LNG (Liquefied natural gas).

Imports from China, at the same time, rose by 63.4 percent to 15.94 billion ringgit.

Trade with China during the period of January to February 2021 also expanded by 28.7 percent year on year to 58.66 billion ringgit.

Its exports increased by 30.7 percent to 25.92 billion ringgit, driven by higher exports of E&E products as well as petroleum products.

Imports from China for the period also grew 27.1 percent to 32.74 billion ringgit. (1 ringgit equals 0.24 U.S. dollar) Enditem