KUALA LUMPUR, Sept 7 (Bernama) -- Malaysia's trade in July this year rose by 3.3 per cent to RM112.62 billion from the same month last year, said the Ministry of International Trade and Industry (MITI).
In a statement today, MITI said between January and July this year, trade rose 5.5 per cent to RM763.96 billion compared with the same period last year.
MITI said the increase in trade was contributed by higher imports while exports were slightly lower in July by 1.9 per cent to RM58.12 billion compared with July last year due to slower economic activities in China, South Korea, India and the European Union (EU).
Among the top five trading partners, expansion in trade was recorded with Asean (+9.3 per cent), China (+12.5 per cent), Japan (+six per cent) while trade with the EU decreased by 0.7 per cent and the US (-2.7 per cent).
Trade with Asean was valued at RM209.31 billion accounting for 27.4 per cent of Malaysia's trade compared with 26.5 per cent in January to July last year.
Exports increased by 11.1 per cent to RM109.75 billion while imports grew by 7.4 per cent to RM99.56 billion.
Higher exports to Asean were contributed by refined petroleum products, electric & electronic products mainly monolithic integrated circuits, chemicals and chemical products especially pigments, paints, varnishes and related materials as well as machinery, appliances and parts primarily food processing and other specialised machines, as well as pumps, fans and compressors.