KUALA LUMPUR: Exports rose significantly by an annualised 18.8 per cent in October, exceeding the RM80 billion mark for the third time this year.
Imports rose by 20.9 per cent to RM71.85 billion while the trade surplus widened to RM10.56 billion, the highest value since April 2016.
According to the International Trade and Industry Ministry, total trade, exports and imports expanded by 4.3 per cent, 5.3 per cent and 3.2 per cent respectively, when compared to September.
Total trade for the first ten months of 2017 amounted to RM1.465 trillion, grew by 21.5 per cent compared with the same period of 2016.
Exports totalled RM772.66 billion, an increase of 21.1 per cent while imports stood at RM692.51 billion, rose by 21.9 per cent.
Trade surplus of RM80.15 billion was recorded, higher by 14.4 per cent compared to the corresponding period of 2016.
All the major sectors in the economy recorded positive export growth.
Exports of manufactured goods in October led the pack, recording a 19.5 per cent increase, accounting for 82.6 per cent of Malaysia’s total exports.
MITI said the expansion was mainly on account of higher exports of electrical and electronic (E&E) products and petroleum products, collectively contributing 54.8 per cent to total manufactured exports.
Exports of mining goods grew by 27.3 per cent while exports of agriculture goods increased by 6.3 per cent.
In terms of markets, most of them recorded a double-digit export growth. Asean recorded double digit growth of 19.5 per cent, China (20.5 per cent), Japan (20.4 per cent) and the US ( 13.8 per cent).
Exports to the EU expanded by 9.3 per cent.