Malaysia’s exports up for fourth consecutive month
Malaysia’s exports reached 16.3 billion USD in September, constituting a rise of 8.8 percent compared to the same period last year, and a fourth consecutive month growth.
Illustrative Image (Source :straitstimes)According to the ministry, September’s export surge was supported by strong demand from such key markets as the European Union (EU), China and the US with 23.9 percent, 13.1 percent and 16.5 percent, respectively.
Malaysia’s main exports in the reviewed period included electrical and electronic products which earned 26.1 billion RM (6.1 billion USD), accounting for 37.2 of total export turnover, up 13.6 percent compared to the same period last year; chemicals and products (1.1 billion USD, up 7.0 percent), refined petroleum products (1.07 billion USD, up 6.6 percent); palm oil and based palm oil products (1.03 billion USD, up 6.3 percent) and liquefied natural gas (LNG) (779.1 million USD, up 4.8 percent).
Meanwhile, imports rose 9.6 percent, accounting for 60.5 billion RM (14.1 billion USD) with increased demand in such markets as China, Singapore, the US, Vietnam and Thailand.
During the last nine months, the total trade turnover of Malaysia to foreign countries was estimated at 1,070 trillion RM (250 billion USD). The country’s five biggest trading partners included China (15.7 percent), Singapore (13 percent), the EU (10.1 percent), Japan (8.8 percent) and the US (8.7 percent).
At the regional level, Malaysia’s export turnover to the ASEAN countries reached 160.3 billion RM (37.3 billion USD) while imports accounted for 132.6 billion RM (31 billion USD).
The Malaysia’s central bank (Bank Negara Malaysia) has revealed that the country’s foreign currency reserves were around 94 billion USD as October 30, 2015 and sufficient to pay for imports of up to 8.7 months.-VNA
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