Exports up 1.7% to $245.7b in February

Trade outflows to Malaysia and Philippines buoyed monthly figures.

Total export of goods rose 1.7% YoY to $245.7b in February, according to the latest external merchandise statistics released by the Census & Statistics Department. 

Also read: Exports rose 18.1% to $350b in January

The marginal growth may be linked to declining trade outflows to Asia as major destinations like Vietnam and the Mainland registered diminishing exports figures at 26.8% and 10.5% respectively.

However, total export values increased in Malaysia (21.9%), the Philippines (16.4%) and Japan (16.1%).

In terms of commodities, exports of articles of apparel and clothing accessories increased 40.4% YoY to $2.1b in February followed by manufactured articles in the form of jewellery, goldsmith and silversmith wares which rose 35.8% YoY $3.9b and electrical machinery apparatus and appliances which accounted for $2b.

Total export value of telecommunications and sound recording and reproducing apparatus and equipment fell 7.7% YoY to $3.7b over the same period. 

Moving forward, a government spokesperson that rising trade tensions between the US and other major economies is stirring uncertainties in external trading environment which might pose a risk to the domestic trade outlook.