Malaysia's total trade up 2.9 per cent to RM237.8 bil in November - DOSM

KUALA LUMPUR: Malaysia's total trade in November increased 2.9 per cent to RM237.8 billion versus RM231.1 billion a year ago, driven by growth in exports and imports, said Statistics Department Malaysia (DoSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said exports rose by 4.1 per cent to RM126.6 billion while imports improved by 1.6 per cent to reach RM111.3 billion.

The trade surplus escalated by 26.3 per cent to reach RM15.3 billion, the 55th consecutive month of surplus since May 2020.

"Malaysia's exports increased in line with the rise in domestic exports in November 2024. Domestic exports (83.3 per cent of total exports) were up by 10.3 per cent to RM105.4 billion compared with November 2023," he said in Malaysia External Trade Statistics for November 2024.

Re-exports (16.7 per cent of total exports), fell 18.7 per cent to RM21.2 billion, he said.

The higher exports were attributable mainly to the United States (+RM7.4 billion), followed by Taiwan (+RM2.5 billion), Kenya (+RM645.2 million), India (+RM497.9 million), Bangladesh (+RM382.4 million), Mexico (+RM265.9 million) and New Zealand (+RM220.9 million).

The higher imports were mainly contributed by China (+RM2.3 billion), followed by Taiwan (+RM2.1 billion), Mexico (+RM784.5 million), Chad (+RM659.8 million), India (+RM460.6 million), Switzerland (+RM410.8 million) and Cameroon (+RM375.3 million).

Mohd Uzir said the rise in imports was logged for electrical and electronic products (+RM6.6 billion); agriculture (+RM536.1 million); vegetable oil (+RM358.1 million); processed food (+RM286.8 million); liquefied natural gas (+RM189.6 million); and other manufactures (+RM185.1 million).

Compared with October 2024, Mohd Uzir said exports, imports and total trade shrunk by 1.2 per cent, 4.3 per cent and 2.7 per cent, respectively. Nonetheless, the trade balance recorded an improved 28.8 per cent.

-- BERNAMA

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