Double Digit Growth For Exports Of LNG And Refined Petroleum Productsadmin
Exports of liquefied natural gas (LNG) and refined petroleum products recorded a double digit growth in 2006, the Ministry of International Trade and Industry (MITI) said.
Exports of LNG, which accounted for 29.4 percent of total exports of minerals and mineral fuels in 2006, increased by 12 percent to RM23.29 billion, MITI said in the 2006 Malaysia’s Trade Performance Report released here today.
It said main export destinations for LNG were Japan (RM13.21 billion), South Korea (RM5.97 billion) and Taiwan (RM3.93 billion).
Malaysia’s exports of refined petroleum products, which accounted for 27.8 percent of total exports of minerals and mineral fuels, increased by 26 percent to RM22.06 billion in 2006.
Main export destinations were Singapore (RM13.76 billion), Indonesia (RM1.24 billion) and Japan (RM1.15 billion).
The increase in exports of crude and refined petroleum and LNG was mainly attributed to the increase in world prices of petroleum.
As for exports of crude petroleum, it increased by 7.7 percent to RM32.56 billion in 2006.
Imports of minerals and mineral fuels increased by 22.1 percent to RM44.33 billion in 2006 as compared to RM36.31 billion in 2005 with refined petroleum products, crude petroleum and other mining products as major import items.
In terms of the export item for agriculture goods, palm oil was the largest export item accounting for 55.6 percent of total exports or RM25.8 billion in 2006.
Malaysia’s leading export destinations for palm oil were China (RM5.82 billion), the Netherlands (RM2.97 billion), U.S (RM1.7 billion) and Pakistan (RM1.52 billion),
The abolishment of the tariff rate quota effective from Jan 1, 2006 for vegetable oils coupled with the price competitiveness of palm oil over soya bean oil had contributed to the increase in exports of palm oil to China.
The decrease in exports of palm kernel oil, olein and stearin to China was due to the increase in refining capacity in the country. Exports of palm oil to the Netherlands grew by 19.7 percent.
Export earnings from the crude rubber sub-sector recorded a growth of 42.3 percent in 2006 to RM8.23 billion from RM5.79 billion in 2005.
Major export markets for crude rubber in 2006 were China (RM2.95 billion), Germany (RM1.03 billion), South Korea (RM483.9 million), U.S (RM464.1 million) and Iran (RM319.1 million) which replaced France as the fifth largest market.
Malaysia’s exports of fruits in 2006, amounted to RM292.5 million, a decrease of 5.9 percent from 2005 due to unfavourable weather conditions.