KUALA LUMPUR, Sept. 20 (Xinhua) -- Malaysia's exports rose 12.1 percent year on year to 129.16 billion ringgit (30.30 billion U.S. dollars) in August, underpinned by higher shipments to all major trading partners, official data showed Thursday.
The Ministry of Investment, Trade and Industry (MITI) said in a statement that exports to all major trading partners, namely ASEAN, China, the United States and the European Union, recorded expansion.
Exports to the United States surged to a new record high mainly due to higher demand for electrical and electronic (E&E) products, primarily semiconductor devices and integrated circuits.
According to the statement, the export growth was primarily driven by increased demand for E&E products, palm oil and palm oil-based agriculture products, machinery, equipment and parts as well as optical and scientific equipment.
Additionally, exports of manufactured goods grew significantly with double-digit expansion.
Overall, Malaysia's trade increased by 18.6 percent year on year to 252.65 billion ringgit in August. Its imports expanded by 26.2 percent to 123.49 billion ringgit.
During the first eight months of 2024, Malaysia's trade expanded by 10.9 percent year on year to 1.91 trillion ringgit with the exports up by 6 percent to 991.36 billion ringgit and the imports up by 16.8 percent to 913.18 billion ringgit.
Despite positive momentum, MITI said the ministry and its agencies will remain vigilant against any potential challenges or global disruptions to ensure that Malaysia can sustain its economic momentum. (1 ringgit equals 0.23 U.S. dollars)■