Oil products boost Malaysia’s January exports

07 March 2008 06:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Malaysia’s exports in January rose 10.4% to ringgit (M$) 53bn ($$16.7bn) from the same month a year ago mainly due to higher exports of palm oil, refined petroleum products and crude oil, its trade ministry said late on Thursday.

The country, southeast Asia’s second largest producer of palm oil, petroleum and gas, has benefited from record prices for these products even amid faltering growth in the US, its largest overseas market.

Palm oil exports in January jumped to M$3.9bn from M$2.2bn in the same month of 2007, the Ministry of International Trade and Industry said in a statement on its website.

During the same period, refined petroleum exports rose to M$2.7bn from M$1.3bn, while that of crude oil increased to M$3.6bn from M$2.8bn. Chemical exports remained unchanged at M$2.7bn.

Exports to southeast Asia rose2.7% to M$14.8bn in January from December 2007, it said, adding that the region accounted for 28% of the country’s exports.

Singapore was Malaysia’s leading market in southeast Asia, followed by Thailand and Indonesia.

Exports to the US in January amounted to M$7.2bn, or 13.5% of Malaysia’s total exports, compared with M$7.88bn in December 2007, mainly due to lower exports of electrical and electronic products.

($1=M$3.17)

By: Arujnee J Ram
+65 6780 4359

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