Malaysia’s exports up 1.6 pct in October

KUALA LUMPUR, Nov. 19 (Xinhua) — Malaysia’s exports rose 1.6 percent year on year to 128.12 billion ringgit (28.66 billion U.S. dollars) in October, supported by strong demand for manufactured goods, official data showed Tuesday.
The Ministry of Investment, Trade and Industry (MITI) said in a statement that exports of manufactured goods which represented 85.4 percent of Malaysia’s total exports, rebounded from a negative growth last month, increased by 1.9 percent year on year in October on higher exports of electrical and electronic (E&E) products, rubber products, processed food as well as machinery, equipment and parts.
Meanwhile, exports of agriculture goods grew by 8.9 percent, underpinned by strong exports for palm oil and palm oil-based agriculture products following increased export volumes and prices.
Exports of mining goods, however, decreased by 12.1 percent year-on-year, owing to slower exports of crude petroleum resulting from reduced export volumes and prices.
Overall, the trade for the month marked its 10th consecutive month of year-on-year growth, rising 2.1 percent to 244.26 billion ringgit.
Malaysia’s imports expanded at a more moderate pace of 2.6 percent to 116.14 billion ringgit during the month, resulting in a trade surplus of 11.98 billion ringgit.
Compared to September, Malaysia’s trade, exports and imports in October were higher by 4.2 percent, 3.7 percent and 4.8 percent, respectively.
As for the first 10 months, Malaysia’s trade expanded by 9.3 percent year on year to 2.38 trillion ringgit.
Its exports rose 4.8 percent to 1.24 trillion ringgit while imports increased by 14.6 percent to 1.14 trillion ringgit during the period, resulting in a trade surplus of 102.77 billion ringgit. (1 ringgit equals 0.22 U.S. dollar) ■