Malaysia reports largest trade surplusChristian Fernsby ▼ | July 28, 2020
Malaysia recorded its largest monthly trade surplus in June, as exports to China and the U.S. rebounded.
Largest Malaysia people
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%. ■