KUALA LUMPUR: Malaysia reported a marginal contraction of 0.8% in March export values to RM128.64bil but remained in expansionary mode over the first quarter of the year.

       In a statement, the Ministry of Investment, Trade and Industry (Miti) said exports grew 2.2% during the first three months of 2024 to RM362.41bil on the back of higher shipments of manufactured and mining goods.

       "Exports of iron and steel products, machinery, equipment and parts, manufactures of metal, crude petroleum and liquefied natural gas (LNG) recorded notable increases," said the ministry.

       Major trading partners that recorded an uptick in trade values in March included China, which rose 2.9% y-o-y to RM38.95bil after posting negative growth in the previous month.

       Total trade in March amounted to RM244.47bil, representing a 5.1% increase y-o-y while the trade surplus halved over the year in March to RM12.81bil.

       Trade with Asean countries rose a marginal 0.6% y-o-y to RM65.19bil while total trade with the US expanded 6.9% y-o-y to RM23.57bil.

       On imports, the value of Malaysia's inbound shipments expanded at a rate of 12.5% y-o-y to RM115.83bil.

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       The increase was underpinned by a 66.2% surge in capital goods to RM16.18bil while intermediate goods rose 10.5% y-o-y to RM59.27bil and consumption goods increased 1.2% to RM9.39bil.

       The total inbound shipments from January-March 2024 rose 13.1% to RM328.19bil over the same quarter in 2023.