Trade surplus remained steady in October 2020, growing by 25.9 per cent from RM17.6 billion to RM22.1 billion. Exports amounted to RM91.1 billion, posted a growth of 0.2 per cent compared with the same month in 2019. Malaysia’s imports declined by 6.0 per cent from RM73.3 billion in October 2019 to RM68.9 billion. Total trade was valued at RM160.0 billion, shrank by 2.5 per cent year-on-year (y-o-y).
On a month-on-month (m-o-m) basis, exports, imports, total trade and trade balance recorded an increase of 2.4 per cent, 2.9 per cent, 2.6 per cent and 0.8 per cent respectively.
- Exports in October 2020 stood at RM91.1 billion, the second highest monthly export value recorded in 2020. Exports increased by 0.2 per cent y-o-y, outpacing imports growth for six consecutive months. In comparison to September 2020, it also grew by 2.4 per cent.
- For the first 10 months of 2020, exports declined by 3.3 per cent from RM827.7 billion to RM800.6 billion.
- The growth of exports in October 2020, were attributed to the higher exports to the United States, China, India and the European Union.
- Exports of manufactured goods with a value of RM79.9 billion, made up 87.8 per cent of total exports, increased by 2.5 per cent y-o-y. Exports of agriculture goods, which represented 7.9 per cent of total exports expanded by 28.7 per cent or RM1.6 billion to RM7.2 billion. Meanwhile, exports of mining goods (RM3.6 billion) was lower by 47.2 per cent and accounting for 3.9 per cent of total exports.
- Malaysia’s imports in October 2020 was valued at RM68.9 billion, shrank by 6.0 per cent or RM4.4 billion compared with October 2019. This was the eighth consecutive month of decrease since March 2020. Meanwhile, on m-o-m basis, imports rose by 2.9 per cent from RM67.0 billion.
- In the period of January to October 2020, Malaysia’s imports contracted by 6.8 per cent or RM47.7 billion to RM653.5 billion compared with same period in 2019.
- In October 2020, the declining imports from Singapore, Australia, Thailand and Saudi Arabia contributed to the decrease in Malaysia’s total imports.
- Imports of manufactured goods in October 2020 amounted to RM60.1 billion, comprised 87.1 per cent of total imports, declined by 5.5 per cent y-o-y. Imports of agriculture goods (5.8% of total imports) increased by 2.1 per cent from RM3.9 billion to RM4.0 billion, while imports of mining goods with a share of 5.2 per cent from the total imports, dropped by 22.5 per cent from RM4.6 billion to RM3.6 billion
- Imports by end use registered a decline for intermediate goods and capital goods. Imports of intermediate goods (RM35.3 billion) decreased by 6.1 per cent and capital goods (RM7.0 billion) declined by 17.1 per cent. Meanwhile, imports of consumption goods increased by 6.5 per cent from RM6.1 billion to RM6.5 billion.
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1. The October 2020 data is provisional and subject to revision in later issues.
2. This report can be accessed through the web portal of the Department of Statistics, Malaysia (https://www.dosm.gov.my) under section: Latest Release.
DATO' SRI DR. MOHD UZIR MAHIDIN
CHIEF STATISTICIAN MALAYSIA
DEPARTMENT OF STATISTICS, MALAYSIA
27 November 2020
Mohd Yusrizal Ab Razak
Public Relation Officer
Strategic Communication and International Division
Department of Statistics, Malaysia
Tel : +603-8885 7942
Fax : +603-8888 9248
E-mail : yusrizal.razak[at]dosm.gov.my