Malaysia's exports rise 14.8% to new record in August
Malaysia's exports rose 14.8 per cent to a record 53.49 billion ringgit (US$14.53 billion; euro11.46 billion) in August on year as exports to the United States and China reached the highest monthly figures on record, the government said Thursday.
The figure was also 5.9 per cent higher on month, the Ministry of International Trade and Industry said in a statement.
Imports were also up, it added. Imports rose 17.7 per cent to 43.35 billion ringgit (US$11.77 billion; euro9.28 billion), resulting in a monthly surplus of 10.14 billion ringgit - making it the 106th straight month of surpluses.
"Exports to the United States in August 2006 reached a record level of 10.72 billion ringgit (US$2.91 billion; euro2.29 billion), an increase of 11.7 per cent from July 2006,'' the ministry statement read.
"The increase was due mainly to higher exports of electronics and electrical products, palm oil, iron and steel products.''
Exports to China were also up on higher electronics and electrical exports, refined petroleum and chemical products, the ministry said. Total exports to China for August was worth 4.39 billion ringgit (US$1.12 billion; euro0.88 billion).
Malaysian products heading for Japan, the Netherlands and Germany also all broke monthly records, the ministry said.
Electronics and electrical products accounted for nearly half of all Malaysia's exports.
From January to August 2006, Malaysia's total trade amounted to around 700 billion ringgit (US$190.20 billion; euro149.95 billion) - a 12.3 per cent rise from 2005's corresponding period.
Malaysia is Asia's seventh-largest exporter.
