Business News Asia
Malaysia’s exports rose to a record high in March, according to the Malaysian Ministry of International Trade and Industry (MITI). This was due to higher exports of electrical and electronic equipment (E&E) and raw materials.
Malaysia’s exports rose 25.4% year-on-year in March to 131.36 billion ringgit ($3.108 billion), with exports posting double-digit growth for the eighth consecutive month, driven by exports of palm oil, and crude oil, and liquefied natural gas (LNG).
Imports increased 29.9% year-on-year in March to 104.93 billion ringgit. The trade surplus increased by 10.3% to 2.67 billion ringgit.
Exports to China increased by 10.7% to 17.79 billion ringgit in March. The key factor was the export of electrical and electronic equipment, including an increase in palm oil.
Exports to the United States rose 10.3% to 13.58 billion ringgit, driven by electrical and electronic equipment, including increasingly iron and steel products.
Malaysia’s total imports were also supported mainly by imports of mineral fuels and oil, mechanical and mechanical parts, and processed food and beverages for household consumption.