Malaysian exports of iron and steel products rose by 30.3pc in September from the prior year period, but dipped by 6.2pc from the prior month amid weak domestic demand and higher prices in offshore market, according to government data.
Malaysia’s iron and steel exim in September
|Unit: MYR mn||Sep 20||MoM Change||Jan-Sep 2020||Jan-Sep YoY Change|
In September, trade with China accounted for 19.8pc of Malaysia’s total trade, up by 21.5pc, compared to the prior year. China was the biggest importer of iron and steel products, Electrical & Electronics products (E&E) along with others.
Malaysia exported iron and steel products of MYR1,951.9mn ($469.61mn) in September 2020, up by 30.3pc from September 2019.
For the quarter, Q3 (July-Sep) iron and steel exports rose by 20.1pc to MYR6,063.5mn from the prior year quarter and rose by 6.4pc from the prior quarter (Q2).
In Jan-Sep period, the iron and steel exports increased by 10.6pc, worth MYR17,658.3mn, compared to the prior-year period.
In September, Malaysia imported iron and steel products of MYR1,853.3mn, down by 34.2pc from September 2019, while up by 9.3pc from August 2020.
For the quarter, Q3 (July-Sep) iron and steel imports declined by 34.7pc to MYR5,547.9mn from the prior year quarter and rose by 3pc from the prior quarter (Q2).
In Jan-Sep period, the iron and steel imports fell by 22pc worth MYR17,985mn, compared to the prior year period.