March exports soar by 25%, top RM131.6bil

PETALING JAYA: Malaysia’s exports soared by 25.4% in March, hitting a new high of RM131.6 billion.

The statistics department said the export value growth was supported by both domestic exports and re-exports.

“Malaysia’s exports accelerated by 25.4% from RM105 billion to RM131.6 billion, surpassing the RM100 billion mark for the seventh consecutive month since September 2021,” Chief Statistician Uzir Mahidin said.

He said domestic exports contributed to 81.2% of the total exports and were valued at RM106.9 billion, while re-exports amounted to RM24.7 billion.

In a statement, Uzir said imports also registered a strong growth of 29.9% from RM80.8 billion the month before to RM104.9 billion.

Taking into account both exports and imports, Malaysia’s total trade in March reached a new high of RM236.6 billion, which was a 27.3% growth year-on-year.

He said the export figures were driven by electrical and electronic products, totalling RM13 billion, followed by petroleum (RM4.6 billion), palm oil and palm oil-based agriculture (RM3.1 billion), liquefied natural gas (RM2.5 billion), crude petroleum (RM1.6 billion) and palm oil-based manufactured products (RM1.1 billion).

He attributed the growth to higher exports to Singapore, which amounted to RM5.1 billion, followed by Japan (RM2.1 billion), Korea (RM1.8 billion), the European Union (RM1.8 billion), China (RM1.7 billion), Taiwan (RM1.4 billion), Thailand (RM1.4 billion), Indonesia (RM1.4 billion), and the US (RM1.3 billion). — Free Malaysia Today