Overview

KEY FACTS :

• On a year-on-year (y-o-y) basis, exports continued its strong growth momentum expanded by RM15.1 billion (+26.5%) to RM71.8 billion. Re-exports in February 2017 was valued at RM11.0 billion and accounted for 15.3% of total exports.     
• On a y-o-y basis, imports also recorded a strong increase, rising RM13.7 billion (+27.7%) to RM63.1 billion.          
• On a month-on-month (m-o-m) basis, exports increased RM1.5 billion(+2.1%) from RM70.3 billion. In seasonally adjusted terms, exports rose 12.0%.
• On a m-o-m basis, imports declined RM2.5 billion (-3.8%) from RM65.5 billion. In seasonally adjusted terms, imports expanded 11.4%.
• On a y-o-y basis, exports increased due to the higher exports to China (+RM3.1 billion), Singapore (+RM2.0 billion), European Union   (+RM1.6 billion), Indonesia (+RM1.5 billion) and Japan (+RM1.1 billion).
• On a y-o-y basis, higher imports were mainly from Indonesia (+RM1.7 billion), Singapore (+RM1.4 billion), China (+RM1.4 billion), Australia (+RM1.3 billion) and Taiwan (+RM1.2 billion).

TRADE

Total trade in February 2017 was valued at RM134.8 billion, an expansion of RM28.7 billion or 27.1% from a year ago. However, it posted a decline of   RM968.7 million or 0.7% when compared to the previous month. A trade surplus of RM8.7 billion was recorded in February 2017, an increase of RM1.4 billion (+18.5%) from the RM7.4 billion registered a year ago. It also grew 83.7% or RM4.0 billion month on month.

EXPORTS

On a y-o-y basis, exports increased 26.5% to RM71.8 billion. The main products which contributed to the increase were:

• Electrical and electronic (E&E) products (34.2% of total exports), increased RM4.5 billion (+22.4%) to RM24.6 billion;
• Palm oil and palm oil-based products (9.7% of total exports), recorded an increase of RM2.7 billion (+62.8%) to RM7.0 billion. Exports of palm oil, the major commodity in this group of products rose RM1.5 billion or 61.1% due to the increase in both average unit value (+41.5%) and export volume (+13.8%);
• Refined petroleum products, which accounted for 5.7% of total exports, grew RM934.5 million or 29.8% to RM4.1 billion due to the increase in both export volume (+16.0%) and average unit value (+11.9%);
• Crude petroleum, which contributed 3.3% to total exports, increased RM791.9 million or 50.4% to RM2.4 billion due to the increase in average unit value (+64.6%) as export volume declined 8.7%;
• Natural rubber, which contributed 0.7% to total exports, increased RM233.2 million or 85.5% to RM505.8 million due to the increase in both average unit value (+68.5%) and export volume(+10.1%);
• Timber and timber-based products, which accounted for 2.4% of total exports, rose RM118.7 million or 7.4% to RM1.7 billion; and
• Liquefied natural gas (LNG) (4.6% of total exports), increased RM66.8 million or 2.1% to RM3.3 billion due to the increase in average unit value (+2.8%) as export volume fell 0.7%.

Exports, 2013-2017

On a m-o-m basis, exports grew RM1.5 billion (+2.1%) from RM70.3 billion due to the rise of these products:

• Palm oil and palm oil-based products increased RM1.0 billion or 16.8% from RM6.0 billion. Exports of palm oil rose RM417.2 million (+11.7%) mainly due to the increase in export volume (+9.9%) and small contribution from average unit value (+ 1.7%); and
• Natural rubber rose RM112.2 million or 28.5% from RM393.7 million due to the increase in both  export volume (+15.0%) and average unit value (+11.8%).

However, decreases were recorded for the following products:

• Refined petroleum products decreased RM1.1 billion or 21.1% from RM5.2 billion due to the decrease in export volume (-14.7%) and average unit value (-7.5%);
• E&E products fell RM337.5 million or 1.4% from RM24.9 billion;
• Timber and timber-based products decreased RM209.3 million or 10.8% from RM1.9 billion;
• Crude petroleum declined RM122.6 million or 4.9% from RM2.5 billion due to the decrease in export volume (-8.4%) as average unit value rose 3.8%; and
• LNG dropped RM11.1 million or 0.3% from RM3.3 billion due to the decrease in export volume (-5.8%) as average unit value increased 5.8%.

Seasonally Adjusted Figure

On a m-o-m basis seasonally adjusted terms, exports increased RM8.6 billion (+12.0%) to RM79.8 billion.

IMPORTS

On a y-o-y basis, imports grew 27.7% from RM49.4 billion. The expansion was attributed to higher imports of intermediate goods and capital goods.

• Intermediate Goods

These goods which constituted 61.0% of total imports increased RM11.0 billion (+39.9%) to RM38.5 billion. The growth was mainly attributed to fuel & lubricants, primary (+RM3.2 billion, +258.4%), industrial supplies, processed (+RM2.8 billion, +26.4%), fuel & lubricants, processed, others (+RM2.2 billion, +4,436.1%) and parts & accessories of capital goods (except transport equipment) (+RM1.6 billion, +14.1%).

• Capital Goods

Imports of these goods which represented 11.6% of total imports grew    RM385.3 million or 5.6% to RM7.3 billion due to the increase in capital goods (except transport equipment) (+RM984.7 million, +16.8%). However, transport equipment, industrial decreased RM599.4 million or 57.7%.

• Consumption Goods

Imports of consumption goods which accounted for 7.3% of total imports recorded a small decline of RM26.0 million (-0.6%) to RM4.6 billion. The decrease was mainly attributed to semi-durables (-RM44.7 million, -5.3%) and non-durables (-RM42.9 million, -3.7%).

Imports, 2013-2017

On a m-o-m basis, imports decreased RM2.5 billion or 3.8% from RM65.5 billion. The reduction in imports was attributed to capital goods and consumption goods.

• Capital Goods

Imports of capital goods dropped RM2.3 billion or 24.0% from RM9.6 billion due to the decline in capital goods (except transport equipment) (-RM1.6 billion, -18.6%) and transport equipment, industrial (-RM743.1 million, -62.8%).

• Consumption Goods

Imports of consumption goods fell RM1.2 billion (-20.3%) from RM5.7 billion. The decrease was attributed to semi-durables (-RM499.9 million, -38.5%) and food & beverages, primary, mainly for household consumption (-RM248.7 million, -26.0%).

• Intermediate Goods

These goods grew RM101.9 million (+0.3%) from RM38.4 billion. The main components which registered significant increases were fuel & lubricants, primary (+RM2.0 billion, +83.5%) and fuel & lubricants, processed, others (+RM881.4 million, +63.7%). However, strong declines were recorded for parts & accessories of capital goods (except transport equipment) (-RM1.8 billion, -12.0%) and industrial supplies, processed (-RM913.8 million, -6.4%).

Seasonally Adjusted Figure

On a m-o-m basis seasonally adjusted terms, imports increased RM7.5 billion (+11.4%) to RM73.3 billion.

MARKET SHARE

The following charts show Malaysia's major trading partners for January- February 2017.

Total Trade by Major Countries, Jan- Feb 2017, percentage share  

Exports and Imports by Major Countries, Jan- Feb 2017, percentage share

The following charts show Malaysia’s trade with ASEAN countries for  January- February 2017.

Exports, Jan- Feb 2017, percentage share

Imports, Jan- Feb 2017, percentage share

Notes:

# The February 2017 data is provisional and subject to revision in later issues.

Released By:

THE OFFICE OF CHIEF STATISTICIAN MALAYSIA
DEPARTMENT OF STATISTICS, MALAYSIA
05 APRIL 2017

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Ho Mei Kei
Public Relation Officer
Corporate and User Services Division
Department of Statistics, Malaysia
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