MALAYSIA EXTERNAL TRADE STATISTICS
TRADE PERFORMANCE FOR THE MONTH OF MARCH 2014 AND THE PERIOD OF JANUARY-MARCH 2014 #
Export Growth Sustained
TRADE PERFORMANCE FOR THE MONTH OF MARCH 2014 AND THE PERIOD OF JANUARY-MARCH 2014 #
Export Growth Sustained
Exports in March 2014 expanded by 8.4% year-on-year to RM65.03 billion andimports increased by 0.5% to RM55.43 billion from March 2013. Trade surplus increased by 96.8% to RM9.59 billion in March 2014.
Malaysia’s total trade in March 2014 rose by 4.6% from a year ago to RM120.46 billion. Increases in trade were recorded with Singapore, which rose RM2.21 billion, Taiwan (↑RM1.64 billion), Australia (↑RM1.06 billion), the Netherlands (↑RM854.7 million), Hong Kong (↑RM391.6 million) and New Zealand (↑RM366.3 million).
E&E Drives Exports
Exports of manufactured goods was RM43.86 billion or 67.4% of total exports in March 2014, an increase of 8.5% or RM3.44 billion from March 2013. The increase in exports was contributed mainly by higher exports of electrical and electronic (E&E) products especially electronic integrated circuits, apparatus for transmission or reception of voice, images and data as well as parts and accessories for telecommunication apparatus.
Exports of mining goods rose 11% to RM14.89 billion or 22.9% share of total exports due mainly to higher exports of refined petroleum products. Exports ofagricultural goods increased marginally to RM5.77 billion, accounting for 8.9% share of total exports contributed by higher palm oil exports.
Major exports in March 2014 were:
· Electrical and electronic products valued at RM20.95 billion, with a share of 32.2% of total exports, increased by 6.2% from March 2013;
· Refined petroleum products (RM6.05 billion, 9.3%, ↑30.8%);
· Liquefied natural gas (RM5.48 billion, 8.4%, ↑3.2%);
· Chemicals and chemical products (RM4.57 billion, 7%, ↑10.8%); and
· Palm oil which includes crude palm oil; fractionated palm oil; palm kernel oil, olein and stearin (RM3.78 billion, 5.8%, ↑4%).
Exports to Major Markets
Exports to ASEAN expanded 10.9% to RM18.47 billion, accounting for 28.4% of Malaysia’s total exports in March 2014. The expansion was contributed by higher exports of refined petroleum products; palm oil; E&E products; optical and scientific equipment as well as chemicals and chemical products
·
Exports to the People’s Republic of China (PRC) declined by 1.8% to RM7.79 billion from March 2013 due to lower exports of commodities. Exports of manufactured goods to the PRC increased by 4.4%.
Exports to Japan registered value of RM7.29 billion compared with RM7.36 billion from a year ago. This was due to lower exports of crude petroleum and liquefied natural gas (LNG).
Overall, exports to the European Union (EU) rose by 14.1% to RM6.04 billion in March 2014, contributed mainly by increases in exports to the Netherlands, Germany and United Kingdom. In terms of products, higher exports of E&E products mainly parts and accessories for computer, chemicals and chemical products as well as palm oil contributed to the increase.
Exports to the United States of America (USA) increased by 5.2% to RM5.17 billion in March 2014, contributed mainly by higher exports of palm oil, manufactures of metal, chemicals and chemical products as well as machinery, appliances and parts.
Other markets that registered significant growth in exports were Australia which expanded by RM917.4 million; Taiwan (↑RM681 million); Hong Kong (↑RM385.7 million); New Zealand (↑RM336.6 million) and the Republic of Korea (ROK) (↑RM234.5 million).
Imports in March 2014
Total imports in March 2014 increased by 0.5% to RM55.43 billion from March 2013. The three main categories of imports by end use were:
· Intermediate goods valued at RM32.24 billion or 58.2% of total imports,decreased by 3.4%;
· Capital goods (RM8.3 billion or 15% of total imports, ↓8.8%); and
· Consumption goods (RM4.36 billion or 7.9% of total imports, ↑19.6%).
Major import products were:
· E&E products, RM14.95 billion or 27% of total imports, decreased by 1%;
· Refined petroleum products (RM6.33 billion or 11.4% of total imports, ↑13.1%); and
· Chemicals and chemical products (RM5.16 billion or 9.3% of total imports, ↑13.7%).
Total imports from ASEAN were RM14.86 billion, accounting for 26.8% of Malaysia’s total imports in March 2014.
Trade Q1 2014, Up 8.3%
Malaysia’s total trade for January-March 2014 was valued at RM349.44 billion, an increase of 8.3% from the corresponding period in 2013. Exports rose by 10.9% to RM187.91 billion while imports expanded by 5.5% to RM161.53 billion. Trade surplus of RM26.39 billion was recorded for the period.
Significant expansion in trade was recorded over the past three months of the year with the PRC, an increase of 8.7%; ASEAN, ↑4%; Japan, ↑6%; the EU, ↑4.3% andthe USA, ↑5.1%. Other countries which registered expansion in trade with Malaysia were Australia, ↑29.8%; Taiwan, ↑27.3%; Hong Kong, ↑25.2%; the ROK, ↑9.7% and the UAE, ↑18.3%.
Trade with ASEAN was valued at RM94.82 billion accounting for 27.1% of Malaysia’s trade. Exports rose by 3.6% to RM51.65 billion while imports grew by 4.5% to RM43.17 billion. Exports of manufactured goods to ASEAN remained strong with an increase of 6.4% or RM2.12 billion due to higher exports in E&E products primarily parts for electronic integrated circuits; chemicals and chemical products mainly polymer of ethylene as well as optical and scientific equipment mainly automatic regulating or controlling instruments and apparatus. Main imports from ASEAN were refined petroleum products, E&E products as well as chemicals and chemical products.
Trade with the PRC rose by 8.7% to RM48.62 billion during the first three months of 2014. Exports rose by 15.3% to RM23.49 billion while imports increased by 3.2% to RM25.13 billion. Higher exports to the PRC was due mainly to increase in exports of manufactures of metal, petroleum products as well as E&E products primarily electronic integrated circuits. Major imports from the PRC were E&E products; machinery, appliances and parts as well as chemicals and chemical products.
Exports to Japan expanded by 9.2% to RM22.34 billion while imports increased by 1.2% to RM13.71 billion with total trade growing 6% to RM36.05 billion. Higher exports was recorded for LNG with an increased of 8.2% and E&E products increased by 20.6% primarily television reception appratus and photosensitive semiconductor devices. Major imports from Japan were E&E products, machinery, appliances and parts as well as iron and steel products.
Trade with the EU increased by 4.3% to RM33.62 billion with exports expanding by 18.5% to RM17.59 billion. Imports declined by 7.8% to RM16.03 billion. Exports to the EU increased due to higher exports of E&E products by 24.1%, particularly electronic integrated circuits as well as palm oil. Main imports from the EU were E&E products, machinery, appliances and parts as well as transport equipment.
Trade with the USA increased by 5.1% to RM27.39 billion in Q1 2014. Exports increased by 4.2% to RM14.67 billion and imports expanded by 6.2% to RM12.72 billion. Higher exports was recorded mainly due to increase in exports of E&E products by 3%. Main imports from the USA were E&E products, transport equipment as well as machinery, appliances and parts.
Exports Q1 2014
Exports of manufactured goods in January-March 2014 increased by 13% to RM125.03 billion, accounting for 66.5% of total exports. The increase in exports of manufactured goods was due mainly to higher exports of E&E products, by 12.5%, primarily electronic integrated circuits. Other manufactured goods that registered increases during this period were manufactures of metal, chemicals and chemical products, machinery, appliances and parts as well as petroleum products.
Exports of mining goods, rose by 9.2% or RM3.74 billion to RM44.44 billion. This was contributed by higher exports of LNG which increased by 15.8%.
Exports of agricultural goods, increased by 2% or RM340.8 million to RM17.04 billion. Exports of palm oil increased by 3.9%, contributed mainly by higher prices.
Imports Q1 2014
Total imports during January-March 2014 increased by 5.5% to RM161.53 billion.The three main categories of imports by end use were:
· Intermediate goods valued at RM94.03 billion or 58.2% share of total imports, increased by 4.4% from the corresponding period of 2013;
· Capital goods (RM22.74 billion or 14.1% of total imports), ↓6.5%; and
· Consumption goods (RM12.14 billion or 7.5% of total imports), ↑15.6%.
Exports of manufactured goods in January-March 2014 increased by 13% to RM125.03 billion, accounting for 66.5% of total exports. The increase in exports of manufactured goods was due mainly to higher exports of E&E products, by 12.5%, primarily electronic integrated circuits. Other manufactured goods that registered increases during this period were manufactures of metal, chemicals and chemical products, machinery, appliances and parts as well as petroleum products.
Exports of mining goods, rose by 9.2% or RM3.74 billion to RM44.44 billion. This was contributed by higher exports of LNG which increased by 15.8%.
Exports of agricultural goods, increased by 2% or RM340.8 million to RM17.04 billion. Exports of palm oil increased by 3.9%, contributed mainly by higher prices.
Imports Q1 2014
Total imports during January-March 2014 increased by 5.5% to RM161.53 billion.The three main categories of imports by end use were:
· Intermediate goods valued at RM94.03 billion or 58.2% share of total imports, increased by 4.4% from the corresponding period of 2013;
· Capital goods (RM22.74 billion or 14.1% of total imports), ↓6.5%; and
· Consumption goods (RM12.14 billion or 7.5% of total imports), ↑15.6%.
Total imports from ASEAN amounted to RM43.17 billion, accounting for 26.7% of Malaysia’s total imports for the period.
Note:
It should be noted that, conceptually, the export and import figures in the external trade statistics are different from that in the goods account of the balance of payments compilation. The compilation of international merchandise trade statistics is usually based on customs records, which essentially reflect the physical movement of goods across borders, and follow international guidelines on concepts and definitions, which do not fully conform to the principles of the System of National Accounts (SNA) and the Balance of Payments Compilation. Goods are defined in the SNA as “physical objects for which a demand exists, over which ownership rights can be established and whose ownership can be transferred from one institutional unit to another by engaging in transactions on markets”.
This is a preliminary release, full details would be published in the “MONTHLY EXTERNAL TRADE STATISTICS” report by the Department of Statistics, Malaysia, to be disseminated at 1801 hours,Wednesday, 7th May 2014.
+ This report can be accessed through the homepages of the Department of Statistics, Malaysia (http://www.statistics.gov.my) under Latest Releases: Malaysian External Trade Statistics, Ministry of International Trade and Industry (http://www.miti.gov.my) and Malaysia External Trade Development Corporation (http://www.matrade.gov.my).
# The March 2014 data is provisional and subject to revision in later issue.
Note:
It should be noted that, conceptually, the export and import figures in the external trade statistics are different from that in the goods account of the balance of payments compilation. The compilation of international merchandise trade statistics is usually based on customs records, which essentially reflect the physical movement of goods across borders, and follow international guidelines on concepts and definitions, which do not fully conform to the principles of the System of National Accounts (SNA) and the Balance of Payments Compilation. Goods are defined in the SNA as “physical objects for which a demand exists, over which ownership rights can be established and whose ownership can be transferred from one institutional unit to another by engaging in transactions on markets”.
This is a preliminary release, full details would be published in the “MONTHLY EXTERNAL TRADE STATISTICS” report by the Department of Statistics, Malaysia, to be disseminated at 1801 hours,Wednesday, 7th May 2014.
+ This report can be accessed through the homepages of the Department of Statistics, Malaysia (http://www.statistics.gov.my) under Latest Releases: Malaysian External Trade Statistics, Ministry of International Trade and Industry (http://www.miti.gov.my) and Malaysia External Trade Development Corporation (http://www.matrade.gov.my).
# The March 2014 data is provisional and subject to revision in later issue.
No announcement for today.