According to the Department of Statistics (DOSM), Malaysia’s export is observed to have bounced back, recording an increase of 8.8% to RM82.9 billion in the month of June following a dip of 25.5% in May 2020.
DOSM said the expansion of exports were attributed to higher exports to China, the United States and Hong Kong totaling to an increase of RM4.7 billion, Rm2.1 billion and RM1.4 billion, respectively.
Exports to India, on the other hand, experienced a decrease by RM1.4 billion.
In Malaysia, electrical and electronic (E&E), petroleum and rubber products are the top export goods from the manufacturing sector. E&E records RM4.5 billion increase while rubber products record Rm1.8 billion increase.
While E&E and rubber products contribute to the expansion in exports of RM4.5 billion and Rm1.8 billion respectively, petroleum on the other hand, suffers a decrease in import of about RM2.4 billion.
This has severely affected Malaysia as the second largest oil and natural gas producer in Southeast Asia.
Besides E&E and rubber, other products that contribute to the expansion in exports are palm oil and palm oil-based agriculture products (+RM1.5 billion), optical and scientific equipment (+RM993.6 million) and machinery, equipment and parts (+RM951.4 million).