External trade at new high in November

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PETALING JAYA: The nation’s exterior trade continued its stellar efficiency in November 2021, with a year-on-year (y-o-y) growth of 34.9% to RM205.5bil, breaching the RM200bil mark for the second time in a row.

It was additionally the tenth consecutive month of double-digit progress since February 2021.

In an announcement, the International Trade and Industry Ministry mentioned exports rose 32.4% to RM112.2bil, the fifteenth consecutive month of y-o-y growth since September 2020.

Imports had been 38% larger at RM93.3bil and trade surplus elevated 10.5% to RM18.9bil.

Trade and imports recorded the best month-to-month worth.

The export growth was underpinned by sturdy exports {of electrical} and digital (E&E) merchandise, petroleum merchandise in addition to palm oil and palm oil-based agriculture merchandise.

Meanwhile, exports to main markets, notably Asean, China, the United States, the European Union and Japan, recorded double-digit progress.

Exports to Asean and the US registered an all-time high month-to-month worth.

For the 11-month interval to November 2021, trade surpassed the RM2 trillion mark for the primary time, increasing 24.6% to RM2.01 trillion in comparison with the identical interval final yr.

Exports elevated 25.7% to RM1.12 trillion.

In a statement, the International Trade and Industry Ministry said exports rose 32.4% to RM112.2bil, the 15th consecutive month of y-o-y expansion since September 2020. Imports were 38% higher at RM93.3bil and trade surplus increased 10.5% to RM18.9bil.Trade and imports recorded the highest monthly value.In an announcement, the International Trade and Industry Ministry mentioned exports rose 32.4% to RM112.2bil, the fifteenth consecutive month of y-o-y growth since September 2020. Imports had been 38% larger at RM93.3bil and trade surplus elevated 10.5% to RM18.9bil.Trade and imports recorded the best month-to-month worth.

Imports rose 23.3% to RM894.42bil and trade surplus edged up 36.2% to RM221.53bil.

Trade, exports, imports and trade surplus registered the best worth for the interval.

In response to the newest trade numbers, MIDF Research has raised its full-year progress projection for exports and imports.

“Taking into account the strong growth in the recent months, we revise up our export and import growth projection for the year 2021 to 24.5% (up from 19.8%) and 23% (up from 18.9%), respectively.

“The performance of foreign trade has been more robust than expected, and this will contribute positively to the economic recovery in the fourth quarter of 2021,” the brokerage mentioned in its notes.

According to MIDF Research, whereas Malaysia stands to learn from the sustained progress in exterior demand, the slowdown in China and tighter Covid-19 restrictions in different nations had been among the many dangers that would have an effect on the export outlook.

“Nonetheless, we expect exports to grow in the coming months, driven by strong demand for E&E, petroleum and palm oil products,” it mentioned.

“Given the growing domestic spending and improving business activity, we foresee further expansion in imports,” it added.

Year-to-date, all merchandise recorded export growth, apart from transport gear in addition to drinks and tobacco.

Exports of manufactured items grew 25.3% y-o-y to RM961.89bil, aided by rising exports of E&E merchandise, petroleum merchandise, manufactures of steel and rubber merchandise in addition to chemical compounds and chemical merchandise.

Exports of agriculture items rose 37.3% to RM87.03bil, as a consequence of sturdy exports of palm oil and palm oil-based agriculture merchandise and pure rubber.

Exports of mining items edged up 17.8% to RM62.78bil, buoyed by larger exports of liquefied pure gasoline or LNG, metalliferous ores and steel scrap, in addition to crude petroleum.

In November 2021, trade with Asean, which accounted for 27.6% of Malaysia’s complete trade, expanded 45.5% y-o-y to RM56.63bil.

In November 2021, trade with China, which absorbed 18.5% of Malaysia’s complete trade, climbed 26.1% y-o-y to RM37.92bil, the twelfth consecutive month of double-digit progress.



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