The Magazine for Asian Investors
The Malaysian Ministry of International Trade and Industry (MITI) said today that Malaysia’s export turnover increased by double digits in February due to an increase in exports of electrical and electronic products. This is driven by the global trend of digital transformation.
MITI said that Malaysia’s exports were mainly driven by palm oil and palm oil-related agricultural products due to the rising price of crude palm oil.
Malaysia’s exports rose 16.8% year-on-year in February to 102.27 billion ringgit ($24.38 billion), registering double-digit growth for the seventh consecutive month. Imports rose 18.4% year-on-year to 82.48 billion ringgit. The trade surplus increased by 10.7% to 19.79 billion ringgit.
Exports to China rose 19.2% to 15.28 billion ringgit in February. This was driven by higher exports of electrical and electronic equipment (E&E), including chemical products.
Exports of electrical and electronic equipment to the United States also increased by 4.1% to 10.4 billion ringgit in February.