Malaysia’s trade surplus in 2018 widened by 22.1 percent to 120.27 billion ringgit (nearly 30 billion USD), registering the fastest rate in 10 years and the largest figure since 2012 (Photo: www.nst.com.my)
 
Kuala Lumpur (VNA) – Malaysia’s trade surplus in 2018 widened by 22.1 percent to 120.27 billion ringgit (nearly 30 billion USD), registering the fastest rate in 10 years and the largest figure since 2012, reported the New Straits Time newspaper.

The country’s total trade expanded 5.9 percent to 1.87 trillion ringgit last year. Exports reached 998 billion ringgit, a rise of 6.7 percent year-on-year, while imports stood at 878 billion ringgit, up 4.9 percent.

This was the 21st consecutive year of trade surplus since 1998, the Malaysian International Trade and Industry Ministry said.

Despite the uncertainties in the global environment, Malaysia’s exports surpassed the forecast growth of 4.4 percent in the Economic Outlook 2019, said the ministry in a statement.

The remarkable performance was contributed to higher trade with China’s Hong Kong (up 45.2 percent), Bangladesh (27.3 percent), mainland China (8.1 percent), and Saudi Arabia (2 percent).

Meanwhile, Malaysia’s trade with other ASEAN members and the European Union increased by 4.7 percent and 4.8 percent, respectively. -VNA