Malaysia’s total trade up 5.9% to RM1.8 trillion in 2018

Electrical and electronic products made up the biggest composition of Malaysia’s exports in 2018. (File pic)

KUALA LUMPUR: Malaysia’s total trade in 2018 expanded 5.9% to RM1.876 trillion from RM1.771 trillion in 2017 as the country witnessed stronger-than-expected export growth during the year under review.

International Trade and Industry Minister Darell Leiking said despite uncertainties in the global environment, exports rose 6.7% year-on-year to reach RM998.01 billion while imports increased 4.9% to RM877.74 billion.

“Malaysia’s trade surplus widened 22.1% to RM120.27 billion, registering the fastest rate in 10 years and the largest trade surplus since 2012.

“This was the 21st consecutive year of trade surplus since 1998,” he said while presenting Malaysia’s 2018 trade performance here today.

Leiking said Asean remained an important and strategic trading partner for Malaysia, accounting for 27.1% of Malaysia’s total trade in 2018, valued at RM509.2 billion.

Exports to Asean grew 5% to RM285.3 billion, with major contributors to the increase being electrical and electronic (E&E) products, crude petroleum, manufacture of metal parts as well as chemicals and chemical products.

In 2018, Malaysia’s trade with China rose 8.1% to RM313.81 billion with exports expanding 10.3% to RM138.88 billion, he said.

Trade with the European Union (EU) amounted to RM183.37 billion, a growth of 4.8% from 2017. Malaysia’s exports to the EU were higher by 3.5% at RM98.6 billion.

Trade with the United States, on the other hand, recorded a growth of 1.1% to RM155.88 billion, with exports rising 2.3% to RM90.73 billion, registering the highest value since 2008.

“The expansion was led mainly by manufactured goods which increased 3.1% to RM87.4 billion and accounted for 96.3% of Malaysia’s total exports to the country,” said Leiking.

Malaysia’s trade with Japan totalled RM132.57 billion, lower by 4.8%, due to a 8.6% dip in exports of liquefied natural gas (LNG) and E&E products.

E&E products made up the biggest composition of Malaysia’s exports in 2018, accounting for 38.2% while exports of E&E products rose 11% for the year under review.

Exports of mining goods rose 7.1% to RM87.62 billion and this sector’s share made up 8.8% of total exports in 2018.

“Exports of crude petroleum increased 29.4% to RM36.57 billion due to higher average unit value (AUV) and volume. However, exports of LNG contracted 3.1% to RM40.14 billion,” he said.

Meanwhile, exports of agricultural goods contracted 14.2% to RM67.01 billion, accounting for 6.7% of total exports in 2018.

Exports of palm oil and palm oil-based agriculture products declined 17.3% to RM44.7 billion, mainly due to lower exports of palm oil on account of lower AUV in tandem with lower global prices despite higher export volume. - FMT