Malaysia’s exports bounced back to record an increase of 8.8% to RM82.9 billion in June from a decline of 25.5% in May 2020, according to the Department of Statistics Malaysia (DOSM).
According to Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin, Malaysia's exports performance seems to recover from the impact of the Covid-19 pandemic after registering a positive growth in the current month.
In a statement, he said re-exports were valued at RM12.9 billion, registering an increase of 5.3% year-on-year (y-o-y) and accounting for 15.5% of total exports.
Meanwhile, domestic exports also recorded an increase of 9.5% or RM6.1 billion to RM70 billion.
DOSM said the expansion of exports was attributed to higher exports to China (+RM4.7 billion), the US (+RM2.1 billion) and Hong Kong (+RM1.4 billion).
“However, exports to India decreased by RM1.4 billion. Lower imports were mainly from the European Union (-RM1.1 billion), Singapore (-RM772.8 million), Thailand (-RM723.1 million) and Republic of Korea (-RM706.6 million).
“The main products which contributed to the expansion in exports were electrical and electronic products (+RM4.5 billion), rubber products (+RM1.8 billion), palm oil and palm oil-based agriculture products (+RM1.5 billion), optical and scientific equipment (+RM993.6 million) and machinery, equipment and parts (+RM951.4 million),” said DOSM.
Meanwhile, decreases in imports were noted for petroleum products (-RM2.4 billion), transport equipment (-RM1.7 billion) and crude petroleum (-RM1.1 billion), said the statistics department.
It added the decrease in imports by end use was attributed to intermediate goods.
“Imports of intermediate goods [were] lower by 10.8% or RM4.1 billion to RM34.1 billion. Meanwhile, imports of consumption goods and capital goods registered an increase of 9% to RM6.1 billion and 2.8% to RM7.3 billion respectively,” it said.
To recap, the country's exports slumped 25.5% to RM62.7 billion in May 2020, while for the month of April, the export figure plunged 23.8% y-o-y to RM64.9 billion.
Source: The Edge Markets