Malaysia’s Export Value Hits RM 112.84 billion in January
Malaysia’s export value in January expanded to RM 207.1 billion (1.9%), the highest record of the month. The Ministry of International Trade and Industry (MITI) believes this was thanks to strong exports.
Exports include electrical and electronics (E&E) products, petroleum, and liquified natural gas (LNG). Imports also increased to RM 94.67 billion (2.3%).
Exports On the Uprise
Malaysia’s export, import, trade, and trade surplus did experience a contraction of 14.4%, 8.6%, 11.8%, and 35.5% because of the long festive holidays and shorter work days. However, Malaysia’s export value did rise because of the LNG, E&E, and petroleum products. Agricultural and mining goods also had a role to play in these numbers.
Malaysia’s export value increase among its major trading partners in Asean was 5.6%. Singapore, Malaysia’s largest export destination, expanded to 19% (RM 17.92 billion) year on year. With regional exports hitting 10.7% (RM 34.1 billion), this was the 18th straight month of double-digit growth.
Other major export destinations include the US (0.6%) and Japan (13.2%). Malaysia’s leading import countries include Singapore (4.1%) and China (4.9%), which saw a decline in January shipments.
A Guide to Malaysia’s Import and Export Sector
If you intend to start a business in Malaysia, it is important to understand how the import and export industry works. Our Import and Export Regulation and Process guide explains the regulations, restrictions, and prohibitions that you need to know. For more information, contact 3E Accounting Malaysia.