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Malaysia's export up 6.7 percent in February

Xinhua, April 6, 2016 Adjust font size:

Malaysia's export in February rebounded by 6.7 percent year-on-year, after posting a decline of 2.8 percent in January, partly supported by strong growth in exports to the United States and China, according to the statistics released here Wednesday.

Malaysia's export amounted to 56.72 billion ringgit (14.49 billion U.S. dollars) in the second month of 2016 compared to a year ago. Imports increased by 1.6 percent to 49.37 billion ringgit (12.6 billion U.S. dollars), contributing to a total trade rise of 4.2 percent to 106.09 billion ringgit (27.1 billion U.S. dollars).

The growth in export was supported by an 11.5 percent expansion of manufactured goods exports in February, driven mainly by increased exports of electrical and electronic (E&E) products, especially parts and accessories for office machines as well as photosensitive semi-conductor device, the ministry of international trade and industry said in a statement.

Exports of liquefied natural gas (LNG) and crude petroleum, Malaysia's two major natural resources, both recorded decline, caused by lower prices.

Among Malaysia's major trading partners, trade with the United States expanded by 26.1 percent to 10.66 billion ringgit (2.7 billion U.S. dollars), with exports and imports recording growth of 21 percent and 33.1 percent, respectively. The strong export performance was attributed mainly to E&E products.

Exports to China, Malaysia's largest trading partner, posted a double digit growth of 12 percent to 6.49 billion ringgit (1.66 billion U.S. dollars) due to significant increases in exports of manufactures of metal, metalliferous ores, chemicals and chemical products as well as optical and scientific equipment.

Trade with China rose by 5.7 percent to 15.35 billion ringgit (3.9 billion U.S. dollars).

For the first two months of 2016, Malaysia's total trade increased by 2 percent to 224.4 billion ringgit (57.3 billion U.S. dollars) year-on-year, with export and import expanding by 1.5 percent and 2.5 percent, respectively. Enditem