KUALA LUMPUR: Malaysia has recorded a trade surplus above RM10 billion in May — the fourth time this year — registering a double-digit growth of 14.7 per cent year-on-year (y-o-y) to RM10.41 billion.
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said this was the highest monthly trade surplus for the month of May since May 2008.
The country's total trade in May amounted to RM114.96 billion, down 27.8 per cent from May 2019.
Azmin said the performance was similar in other regional countries, which recorded lower trade growth for May due to the Covid-19 pandemic that continued to slow economic activities globally.
Exports totalled RM62.69 billion, contracted by 25.5 per cent while imports decreased 30.4 per cent to RM52.27 billion.
Compared to April 2020, trade, exports and imports slipped by 13.7 per cent, 3.2 per cent and 23.6 per cent respectively.
Malaysia's trade during the first five months of 2020 declined 8.7 per cent to RM688.57 billion compared to the corresponding period of 2019.
Exports during the period registered a decrease of 9.7 per cent to RM366.16 billion and imports contracted 7.5 per cent to RM322.41 billion.
Trade surplus was valued at RM43.75 billion, a drop of 23 per cent from the same period of 2019.
Azmin said exports of rubber products especially rubber gloves registered a double-digit growth for two consecutive months, increasing 20.5 per cent or RM461 million in May 2020.
This was underpinned by growing demand of rubber gloves which benefitted from the pandemic.
This is despite the decline in exports of manufactured goods by 23.5 per cent y-o-y to RM54.21 billion.
The contraction of manufactured goods, which constituted 86.5 per cent of total exports, was due to lower exports of electrical and electronic (E&E) products, petroleum products, manufactures of metal, chemicals and chemical products as well as machinery, equipment and parts.
Major exports in May are E&E products (RM23.5 billion), petroleum products (RM3.94 billion), chemicals and chemical products (RM3.68 billion), palm oil and palm oil-based agriculture products (RM3.6 billion) and rubber products (RM2.71 billion).