Malaysia's trade surplus increased
Sept. 8, 1998 Malaysia recorded a significant increase in its trade surplus in the first 7 months of this year as a result of a higher growth in exports over imports.
The trade surplus amounted to 26.2 bn ringgit ($ 6.894 bn) during the period under review against a deficit of 3.6 bn ringgit ($ 947.368 million) in the same period last year, according to the Statistics Department which released Monthly External Trade Statistics.
The department attributed the seven-month surplus to the 40.8 % increase in exports to 162.7 bn ringgit ($ 42.815 bn) from 115.6 bn ringgit ($ 30.421 bn) in the corresponding period in 1997 while imports rose 14.6 % to 136.5 bn ringgit ($ 25.921 bn) from 119.1 bn ringgit ($ 31.342 bn).
The department said electrical and electronic products persisted as Malaysia's largest export earner, netting receipts amounting to 84 bn ringgit ($ 22.105 bn) or sharing 51.7 % of total export earnings during January-July 1998 period.
Palm oil and palm-based products retained their
position as the second largest export revenue earner during the first 7 months of 1998, with a total combined value of 12.3 bn ringgit ($ 3.236 bn), or sharing 7.6 % of total exports.
Other major export revenue earners included LNG which accounted for 3.0 % of total exports, and crude petroleum, ranking as the fourth largest export earner and comprising 2.8 % of total exports.
Turning to imports, the department said that the major categories of imports by end-use for the current period were intermediate goods, sharing 69.5 % of total imports, capital goods 17.1 % and consumption goods 5.7 %.
For July alone, the ninth consecutive month to record a surplus since November last year, the surplus was at 4.1 bn ringgit ($ 1.078 bn), which was lower by 2 bn ringgit ($ 526.315 mm) from the previous month, the department said.
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