Malaysia's July exports rise 5 pct on year

Source: Xinhua| 2021-08-27 14:08:52|Editor: huaxia
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KUALA LUMPUR, Aug. 27 (Xinhua) -- Malaysia's exports rose 5 percent to 97.32 billion ringgit from a year earlier in July, government data showed Friday.

The export growth was backed by higher shipments of petroleum products, palm oil and palm oil-based agriculture products as well as chemicals and chemical products driven by robust external demand, the International Trade and Industry Ministry (MITI) said in a statement.

Data showed imports for the month rose 24 percent year on year to 83.64 billion ringgit while total trade increased by 13 percent to 180.96 billion ringgit. Trade surplus contracted 45.8 percent to 13.68 billion ringgit.

For the first seven months of 2021, Malaysia's trade expanded by 23.9 percent to 1.24 trillion ringgit from a year ago, with exports grew by 25.9 percent to 682.9 billion ringgit, imports rose by 21.6 percent to 554.17 billion ringgit.

In July, Malaysia's trade with China recorded double-digit growth of 15 percent year-on-year to 33.89 billion ringgit, accounting for 18.7 percent of Malaysia's total trade.

"This was the eighth consecutive month of double-digit expansion," said MITI.

Meanwhile, Malaysia's trade with China during the first seven months of 2021 increased by 29.8 percent to 233.4 billion ringgit from a year earlier.

Malaysia's exports to China for the seven months edged up by 21.2 percent to 103.22 billion ringgit, supported by higher exports of electrical and electronics products, manufactures of metal as well as liquefied natural gas.

Its imports from China for the period also increased by 37.6 percent to 130.18 billion ringgit. (1 ringgit equals 0.24 U.S. dollar) Enditem

KEY WORDS: Malaysia,Exports growth,Trade