KUALA LUMPUR– Malaysia’s exports tumbled in September as slower global demand and uncertainty about commodity prices dragged on shipments of electrical, petroleum and palm oil products.
September’s exports dropped 13.7% compared with the same period a year earlier to 124.47 billion ringgit ($26.2 billion) while imports declined 11.1% to MYR99.95 billion, the Ministry of Investment, Trade and Industry said Thursday. That resulted in a trade surplus of MYR24.52 billion, compared with MYR17.31 billion in August.
The ministry also noted that the year-over-year falls were exacerbated by a high base of comparison in September last year.
The median forecasts from a Wall Street Journal poll of economists had tipped exports would decline 17.2% on year, while imports would fall 13.4%, resulting in a trade surplus of MYR22.5 billion.
The Southeast Asian nation’s September exports rose 8.2% when compared with the previous month, while imports were 2.1% higher.
Shipments to China in September declined 17.3% on year to MYR16.62 billion, while exports to the U.S were down 9.3% on year at MYR14.79 billion.
Below are the figures for Malaysia’s trade with its five largest export and import trading partners in September:
Exports Value (MYR Millions) % Change YoY Total 124,475 -14 Singapore 18,485 -12 China 16,619 -17 USA 14,793 -9.3 Hong Kong 8,965 -12 Japan 7,347 -25 Imports Value (MYR Millions) % Change YoY Total 99,952 -11 China 21,650 -9 Singapore 12,115 7.6 USA 7,668 -26 Taiwan 6,811 -25 Japan 5,600 -21
Write to Ying Xian Wong at [email protected]
Read the full article here
