Malaysia records double-digit growth in exports

by | Aug 1, 2021 | Business, LOCAL | 0 comments

Malaysia’s exports to all major markets such as Asean, China, the United States, the European Union and Japan recorded double digit expansion in June, 2021 and the strong performance powered the nation’s total trade performance to surpass RM1 trillion in value for this year.

According to the Ministry of International Trade & Industry, this was the shortest period taken to breach the RM1 trillion mark and data provided by the Statistics Department show that exports to the major markets in June totalled RM72.25 billion exceeding imports of RM57.8 billion.

MIDF Research described the exports growth as ‘better-than-expected’ despite June being the first month of full lockdown and the strong export growth was contributed by the high demand for petroleum products and rubber products.

Another major driver was Electrical & Electronic (E&E) products exports, especially the electronic integrated circuits used in the production of smartphones, cars, computers and home appliances.

Exports of manufactured goods, which accounted for 86.6 percent of total exports, increased by 25.8 percent year-on-year to RM91.3 billion and it was the seventh consecutive month of double-digit growth.

Export products which expanded more than RM1 billion were seen for petroleum products, E&E products, rubber products, chemicals and chemical products, palm oil-based manufactured products as well as the manufacturing of metals.