RSS   Newsletter   Contact   Advertise with us

Malaysia reports largest trade surplus

Christian Fernsby ▼ | July 28, 2020
Malaysia recorded its largest monthly trade surplus in June, as exports to China and the U.S. rebounded.
Malaysia people
Largest   Malaysia people
The country's trade surplus for the month was 20.89 billion ringgit ($4.91 billion), up 98.7% from the same period last year, the Ministry of International Trade and Industry said Tuesday.

Topics: Malaysia

Exports rose 8.8% to MYR82.87 billion, driven by a 13.7% gain in manufactured goods, which made up almost 88% of total exports. Exports of agricultural goods rose 30% amid higher demand for palm oil and related products.

Exports to China, one of Malaysia's largest trading partners, jumped almost 47% to MYR14.78 billion, driven by higher exports of iron, steel, petroleum and palm oil-based products. Exports to the U.S., another key trading partner, rose almost 28% to MYR9.76 billion, driven by higher exports of manufactured goods.

Imports contracted 5.6% due partly to a fall in mechanical products, copper and electrical machinery, the ministry said. Imports from other countries in Southeast Asia fell 13.8% to MYR13.61 billion. Malaysia's exports during the first half of 2020 dropped 6.8% while imports were down 7.2% as trade with Thailand, Singapore, India, Japan and Germany slowed. The country posted a trade surplus of MYR64.61 billion for the period, down 4.1%.