Malaysia’s export dropped 3.1 percent in October from a year ago, which is its lowest level since June 2013, due to the lower demand from China and Japan and the fall in exports of petroleum and palm oil products.
Malaysia’s export dropped 3.1 percent in October from a year ago,which is its lowest level since June 2013, due to the lower demand fromChina and Japan and the fall in exports of petroleum and palm oilproducts.
October’s exports totalled 65.09billion RM (18.83 billion USD) while it was 67.19 billion RM (19.22billion USD) last year, the Ministry of International Trade and Industrysaid.
Exports to China, Japan and the EU shrank18 percent, 4.7 percent and 3.8 percent, respectively. Meanwhile, goodsdestined to the US saw a 7.5 percent expansion.
Electronics, the country’s key export product which contributes toone-third of the total revenue, fell 4.5 percent whilst petroleumproducts plummeted further, 12 percent.
Meanwhile,the country’s imports in the month rose 9.1 percent from last year,which surprised estimations of a 1.3 percent decline, thanks to arespective expansion of 21 percent and 5.9 percent in intermediate andconsumption goods imports.
Consequently,Malaysia’s trade surplus narrowed to 1.19 billion RM (340.5 million USD)in October from 9.33 billion RM (2.67 billion USD) in September andfrom the estimates of 8.9 billion RM (2.55 billion USD).-VNA
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