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Malaysia’s July exports rise 0.6% on-year

Malaysia's Ministry of International Trade and Industry said exports in July expanded 0.6 per cent year-on-year to RM61.12 billion (US$19.2 billion) while imports decreased by 0.7 per cent to RM57.48 billion.

KUALA LUMPUR: Malaysia's total trade in July 2014 increased to RM118.60 billion (US$37.2 billion) from RM118.59 billion recorded in the same month last year while trade surplus was recorded at RM3.64 billion, said the Ministry of International Trade and Industry (MITI) on Friday (Sep 5).

In its Malaysia External Trade Statistics report, MITI said exports in July expanded 0.6 per cent year-on-year to RM61.12 billion while imports decreased by 0.7 per cent to RM57.48 billion.

"Increases in trade were recorded with Singapore which rose by RM1.41 billion, Australia (RM775.4 million), Taiwan (RM763.5 million), Kuwait (RM577.2 million), Hong Kong (RM529.6 million), the Philippines (RM479.2 million), Saudi Arabia (RM361.3 million) and the United States (RM291.6 million)," it said.

For the seven-month period, Malaysia's total trade grew 8.4 per cent to RM834.05 billion compared with the same period last year while trade surplus expanded 76.6 per cent to RM48.45 billion. “Exports were higher by 10.7 per cent to RM441.25 billion while imports rose 5.8 per cent to RM392.8 billion," MITI said.

MITI said trade with the free trade agreement partner countries expanded 6.6 per cent to RM524.85 billion, with export rising 8.6 per cent to RM282.57 billion while imports were 4.3 per cent higher at RM242.27 billion.

"Exports to ASEAN rose 7.6 per cent to RM123.38 billion and imports grew 4.4 per cent to RM103.41 billion, registering a total trade of RM226.79 billion which accounted for a 27 per cent share of total trade. Higher exports to ASEAN were contributed by petroleum products, crude petroleum, palm oil, chemicals and chemical products, and, electrical and electronic products," it added.

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