KUALA LUMPUR: Malaysia's total trade in October this year contracted 2.5 per cent year-on-year (YoY) to RM159.98 billion, according to the International Trade and Industry Ministry (MITI).
The ministry said the country's trade surplus in October widened to RM22.12 billion, registering a double-digit growth of 25.9 per cent YoY, the highest trade surplus ever recorded for the month of October.
Malaysia's exports grew 0.2 per cent YoY to RM91.05 billion in October from RM90.86 billion, the third-highest export value recorded thus far.
The Ministry further said the expansion was supported mainly by higher exports to the United States (US), China, India and the United Kingdom (UK).
Manufactured and agriculture goods contributed to Malaysia's export growth in October this year.
Exports of manufactured goods contributed to 87.8 per cent of total exports with 2.5 per cent YoY growth, amounted RM79.94 billion.
The growth was mainly due to higher exports of rubber products, electrical and electronic (E&E) products, other manufactures especially solid-state storage devices (SSD), iron and steel products as well as wood products.
Exports of agriculture goods (7.9 per cent) surged by 28.7 per cent YoY to RM7.17 billion, boosted mainly by higher shipments of palm oil and palm oil-based agriculture products.
Exports of mining goods (3.9 per cent) contracted by 47.2 per cent YoY to RM3.58 billion, due to lower exports of liquefied natural gas (LNG), crude petroleum as well as petroleum condensates and other petroleum oil.
Meanwhile, imports decreased by 6.0 per cent YoY to RM68.93 billion in October 2020 from RM73.29 billion previously.
The three main categories of imports by end-use which accounted for 70.8 per cent of total imports were intermediate goods, valued at RM35.27 billion or 51.2 per cent share of total imports, capital goods, valued at RM7.02 billion or (10.2 per cent) and consumption goods, valued at RM6.53 billion or (9.5 per cent).
For the first 10 months of 2020, MITI said trade surplus recorded double-digit growth of 16.3 per cent to RM147.04 billion with a total trade valued at RM1.454 trillion, a decline of 4.9 per cent.
Malaysia's exports slipped by 3.3 per cent to RM800.59 billion from RM827.69 billion, while imports declined by 6.8 per cent to RM653.55 billion from RM701.27 billion recorded in the same period a year ago.