KUALA LUMPUR, July 20 (Xinhua) — Malaysia saw its exports rise 38.8 percent to a record high of 146.16 billion ringgit (32.83 billion U.S. dollars) in June compared to a year earlier, official data showed Wednesday.
The export growth was attributed to a strong demand for electrical and electronic (E&E) products, petroleum products, liquefied natural gas (LNG) as well as palm oil and palm oil-based products, the Malaysian Ministry of International Trade and Industry said in a statement.
Malaysia’s trade in June increased by 43.4 percent to a new high of 270.39 billion ringgit, showed the ministry’s data.
Imports in June grew by 49.3 percent to 124.23 billion ringgit while trade surplus declined marginally by 0.8 percent to 21.93 billion ringgit.
According to the ministry, for the second quarter, trade expanded by 32.7 percent to 730.36 billion ringgit compared to the same period of last year.
Exports for the second quarter grew by 30 percent to 394.24 billion ringgit while imports rose 36.1 percent to 336.13 billion ringgit.
Trade surplus for the quarter edged up by 3.2 percent to 58.11 billion ringgit.
For the first half, Malaysia’s trade was up by 28.2 percent to 1.36 trillion ringgit from the same period last year.
Exports for the period increased by 26.1 percent to 739.13 billion ringgit while imports grew by 30.9 percent to 616 billion ringgit, resulting in a trade surplus at 123.13 billion ringgit, an increase of 6.7 percent year on year, according to the trade ministry.
The ministry’s data also showed that in June, Malaysia’s trade with China, which made up 16.5 percent of its total trade, grew by 17.3 percent year on year to 44.52 billion ringgit, marking the 19th successive month of double-digit growth.
Malaysia’s exports to China for the month grew by 4.2 percent to 18.34 billion ringgit largely due to higher exports of E&E products, metalliferous ores and metal scrap as well as LNG.
Its imports from China for the month rose by 28.6 percent to 26.17 billion ringgit.
For the first six months, Malaysia’s trade with China rose by 16.4 percent to 232.3 billion ringgit compared to the same period of 2021.
Malaysia’s exports to China for the period rose by 13.7 percent to 101.03 billion ringgit underpinned by higher exports of E&E products, LNG as well as palm oil and palm oil-based products, according to the trade ministry.
Malaysia’s imports from China for the period increased by 18.7 percent to 131.27 billion ringgit. (1 ringgit equals 0.22 U.S. dollar)