Malaysia’s June Exports Rise 27.2 pct with Record High Export to China

Malaysia’s June Exports Rise 27.2 pct with Record High Export to China

Malaysia’s exports rose 27.2 percent to 105.47 billion ringgit (about 24.93 billion U.S. dollars) from a year earlier in June as exports to China surged to record high.

Malaysia’s International Trade and Industry Ministry said in a statement that the export growth was contributed by strong demand for petroleum products, electrical and electronic (E&E) products, mainly electronic integrated circuits used in the production of smartphones, cars, computers and home appliances as well as rubber products.

Exports to all major markets namely ASEAN, China, the United States, the European Union and Japan recorded double-digit expansion, it added.

Malaysia’s trade with China rose 30.5 percent year on year to 37.91 billion ringgit, accounting for 20.1 percent of Malaysia’s total trade.

Meanwhile, Malaysia’s trade increased by 29.3 percent year on year to 188.7 billion ringgit in June.

Imports in June grew 32.1 percent to 83.23 billion ringgit and trade surplus expanded by 11.7 percent to 22.24 billion ringgit.

Malaysia’s Socio-Economic Research Center executive director Lee Heng Guie said Malaysia’s June exports were stronger than expected despite the impact of the lockdown which has limited the manpower in the export sector.

“Our current full year export growth estimate of 15.8 percent will be revised higher pending more clarity on July to August under the strict containment measures,” he told Xinhua Wednesday.

However, he noted that the favorable low base effects enjoyed in the first half will be dissipated in the second half.

“The key drivers of still strong exports are electronics and electrical products, chemical products as well as higher commodity prices,” he said.