KUALA LUMPUR (Dec 5): The value of Malaysia's exports expanded 17.7% year-on-year (y-o-y) to record a record high of  RM96.4 billion in October 2018, driven mainly by the increase in the average unit value of refined petroleum products and the unit value of crude petroleum, as well as the increase in unit value of liquified natural gas(LNG). according to data released by the Department of  Statistics Malaysia today.

In a statement today, the department said that the average unit value of refined petroleum was up 28.6% in October, while the average unit value of crude petroleum was up 38.9%.  LNG  saw a  29.5%.increase in unit value, although volume dropped by 4.4%.

Electrical and electronic products which made up 39.8% of Oct exports had also seen a 23.3% increase in value during the period.

However declines were recorded for palm oil and palm oil-based products.

Exports of palm oil, the major commodity in this group of products declined by  RM664.6 million or 15.5% due to the decrease in average unit value by 18.1%,  as export volume increased 3.2%.

Natural rubber also saw a 2.8% decrease in value due to the 15.4% decrease in average unit value, as export volume increased by 14.9%.

October saw an expansion in exports to China (RM3.7 billion), Hong Kong (RM2.2billion), Singapore (RM2.1 billion), Taiwan (RM1.4 billion) and Australia (RM1.3 billion).

Meanwhile, imports increased by 11.4% to RM80.1 billion in October, contributed by consumption goods and intermediate goods.

Total trade which was valued at RM176.4 billion increased RM22.7 billion or 14.8% from October 2017