Malaysia Oct exports surge to all-time high, chem exports grow 58.9%

SINGAPORE (ICIS)–Malaysia’s exports reached an all-time high of Ringgit (M$) 114.4bn in October, posting a 25.5% year-on-year increase, supported by the surge in shipments of chemicals abroad, official data showed on Monday.

Exports of chemical and chemical products rose by 58.9% year on year to M$6.61bn in October, the Department of Statics said in a statement.

Exports of petroleum products more than doubled to M$9.88bn in October, while shipments of palm-oil based products surged by 78.5% year on year to M$2.98bn.

Overall shipments to China, Malaysia’s largest export destination in October, rose by 24.8% year on year.

Shipments of chemicals and chemical products to China rose by 40.6% year on year to M$464.7m in October.

Malaysia’s total imports rose by 27.9% year on year to M$88.2bn. The resulting trade surplus of M$26.2bn was a 17.9% year-on-year increase.