Exports outpaced imports RM694.55 billion to RM574.23 billion, with manufactured goods accounting for the lion’s share of exports at 67.7 per cent.
Total trade last year grew 8.7 per cent compared with 2010 while exports grew 8.7 per cent and imports by 8.6 per cent.
Malaysia’s trade surplus meanwhile hit RM120.3 billion.
China was Malaysia’s largest export destination, absorbing 13.1 per cent of its exports, followed by Singapore (12.7 per cent), Japan and the US.
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said both total trade and export growth this year are expected to be lower this year at 5-6 per cent however due to economic problems in Europe.
He noted however that with 71.3 per cent of exports heading to Asia compared with 10.4 per cent to Europe, the country was “cushioned” from the adverse conditions in the Eurozone.
China became Malaysia’s largest export destination for the first time, accounting for 13.1 per cent of the country’s exports, followed by Singapore (12.7 per cent), Japan and the US.
Minister for International Trade and Industry Datuk Seri Mustapa Mohamed said, however, that both total trade and export growth this year is expected to be lower this year at 5-6 per cent due to economic problems in Europe.
But he also noted that with 71.3 per cent of exports heading to Asia as compared with 10.4 per cent to Europe, the country was “cushioned” from the adverse conditions in the euro zone.
December exports last year also was the highest ever for the month, growing by 6.1 per cent to RM60.74 billion, although imports also surged 10.4 per cent to RM52.43 billion.
Mustapa said Malaysia will focus on increasing trade with China by mounting some 50 trade missions this year to the world’s second-largest economy.
He also said the free trade agreements (FTAs) signed by Malaysia had helped boost exports due to the removal of import duties.
Malaysia has signed five bilateral FTAs with Japan, Pakistan, New Zealand, India and Chile, along with regional FTAs through ASEAN with China, Korea, Japan, India, Australia and New Zealand.
FTA negotiations are also underway with Australia, Turkey and the EU.
Almost all subsectors of manufactured goods recorded an increase in exports except for electrical and electronic products (E&E), which declined due to the relocation of automated data processing (ADP) machine manufacturers to low cost countries.
The E&E sector, however, remained Malaysia’s largest export contributor with 34.1 per cent share of total exports and 50.3 per cent of manufactured goods exports.
After manufactured goods, mining and agriculture goods were the next largest source of exports, contributing 18.1 per cent and 13.6 per cent respectively.
