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Malaysia’s exports soar 25.4 per cent in March

KUALA LUMPUR (XINHUA) – Malaysia’s exports surged 25.4 per cent year-on-year to a new high of MYR131.64 billion (USD30.99 billion) in March, official data showed yesterday.

The export growth was contributed mainly by robust external demand for electrical and electronic (E&E) products and commodity-based products, namely palm oil and palm oil-based products, petroleum products, liquefied natural gas (LNG) as well as crude petroleum, the Ministry of International Trade and Industry (MITI) said in a statement.

It also said the E&E products soared to a record high in March due to stronger exports of electronic integrated circuits underpinned by growing digitalisation trends.

Meanwhile, exports to major markets notably the Association of Southeast Asian Nations (ASEAN), China, the United States, the European Union (EU) and Japan recorded double-digit growth. According to MITI, Malaysia’s trade in March expanded by 27.3 per cent year-on-year to a record high of MYR236.57 billion.

Its import also increased by 29.9 per cent year on year to an all-time high of MYR104.93 billion, and trade surplus rose by 10.3 per cent to MYR26.70 billion.

For the first quarter, Malaysia’s total trade grew by 23.6 per cent year-on-year to MYR624.86 billion, compared to the first quarter of last year.

Malaysia’s exports for the period climbed 22.2 per cent year-on-year to MYR344.97 billion and imports expanded by 25.2 per cent to MYR279.89 billion.

In March, Malaysia’s trade with China, which made up 16.5 per cent of Malaysia’s total trade, increased by 15.2 per cent year-on-year to MYR39.02 billion, the 16th consecutive month of double-digit expansion.

Meanwhile, Malaysia’s exports to China climbed by 10.7 per cent to MYR17.79 billion supported by higher exports of E&E products as well as palm oil and palm oil-based agriculture products.

Malaysia’s imports from China, on the other hand, also expanded by 19.3 per cent year-on-year to MYR21.23 billion.

For the first three months, Malaysia’s trade with China also edged up by 20.4 per cent to MYR111.36 billion compared to the same period in 2021.

Malaysia’s exports to China for the period climbed by 19.2 per cent to MYR50.07 billion on account of higher exports of E&E products and LNG.

Malaysia’s imports from China for the period also increased by 21.3 per cent to MYR61.29 billion.