KUALA LUMPUR: Malaysia’s total trade in the first eight months of 2019 dropped 2.1 per cent year-on-year (YoY) to RM1.21 trillion from RM1.23 trillion recorded a year ago, according to the International Trade and Industry Ministry.

Malaysia’s exports during the period eased 0.4 per cent to RM650.81 billion from RM653.46 billion, while imports contracted 4.0 per cent to RM558.26 billion from RM581.56 billion previously.

Malaysia’s trade surplus from January to August 2019 increased 28.7 per cent to RM92.55 billion from RM71.90 billion.

In August, the country’s trade surplus surged 655.2 per cent to RM10.92 billion from RM1.45 billion recorded previously.

Exports slipped 0.8 per cent YoY to RM81.36 billion in August from RM81.98 billion, due to lower exports to Hong Kong, Australia, Taiwan, China, New Zealand, Korea and Asean.

Malaysia’s imports for August contracted 12.5 per cent to RM70.43 billion from RM80.54 billion previously.

Overall trade for August reduced 6.6 per cent YoY to RM151.79 billion from RM162.52 billion.

The ministry said exports of manufactured goods in August, which accounted for 84.4 per cent of Malaysia’s total exports, grew 0.1 per cent to RM68.64 billion.

“The expansion was contributed mainly by higher exports of manufactures of metal, transport equipment, iron and steel products, petroleum products, processed food as well as machinery, equipment and parts,” it said.

Exports of mining goods in August, which represented 7.4 per cent of the country’s total exports, went down 20.7 per cent to RM6.01 billion attributable to lower exports of crude petroleum registering lower volume and Average Unit Value (AUV).

Exports of agriculture goods rose 13 per cent to RM5.98 billion, buoyed by higher exports of palm oil and palm oil-based agriculture products.

Meanwhile, exports of palm oil registered an increase of 31.4 per cent to RM3.65 billion following higher volume.