Malaysia trade surplus widened to MYR 3.64 billion in July of 2014 from MYR 2.85 billion a year earlier, mainly driven by stronger demand for petroleum.
In July of 2014, exports rose 0.6 percent year-on year to MYR 61.12 billion from MYR 60.73 billion a year earlier. Sales of petroleum products, accounting for about 10.9 percent of total shipments, rose 29.3 percent to MYR 6.64 billion .Exports of palm oil, accounting for 6.6 percent, rose at a faster 10.9 percent to MYR 4.05 billion, while overseas shipments for liquified natural gas declined 22.9 percent to MYR 4.05 billion due to lower exports volume.
Exports to the United States grew 4.5 percent in July to MYR 5.08 billion due to higher sales of E&E products, optical and scientific as well as chemicals and chemical products, slowing from a 9.5 percent increase in the previous month. Sales to the Southeast Asia countries rose 1.7 percent to MYR 17.81 billion from a 9.6 percent increase in June. Exports to the European Union expanded by 8.9 percent to MYR 5.98 billion from a 3.9 percent increase in the previous month.
Outward shipments to Japan contracted the most by 22.1 percent to MYR 5.56 billion, mainly due to lower exports of LNG and crude petroleumm compared to a 2.6 percent contraction in June.
Imports decreased by 0.7 percent to MYR 57.48 billion yoy after registering a 9.2 percent increase in June. Purchases of capital goods, accounting for 12.8 percent of total imports, declined 17.9 percent to MYR 7.35 billion. Those of consumption goods also fell 9 percent to MYR 4.19 billion while intermediate goods, accounting for 60.2 percent, increased by 2.6 percent to MYR 34.62 billion.
In June of 2014, the country registered a MYR 3.97 billion trade surplus.
9/5/2014 10:43:48 AM