PETALING JAYA: Malaysia’s exports contracted 0.8% year-on-year (yoy) to RM81.4 billion in August 2019, mainly dragged down by lower exports of electrical & electronic (E&E) products (-RM2.4 billion).
Imports also registered a decrease of 12.5% yoy to RM70.4 billion.
Total trade fell 6.6% yoy to RM151.8 billion. Trade surplus jumped more than seven times yoy to RM10.9 billion, but shrank 23.5% compared with the previous month.
The Department of Statistics said on a month-on-month basis, exports saw a decrease of 7.5%.
Re-exports was down 0.3% yoy to RM13.4 billion, accounting for 16.5% of total exports. Domestic exports declined 0.8% yoy to RM67.9 billion.
Besides E&E products, other main products which contributed to the decrease in exports were crude petroleum (-RM1.3 billion) and liquefied natural gas (-RM366.6 million).
However, increases were recorded for palm oil and palm oil-based products (+RM844.3 million); refined petroleum products (+RM349.6 million); timber and timber-based products (+RM34.5 million); and natural rubber (+RM12.6 million).
The two major destinations for Malaysia’s exports in August were China and Singapore. Exports to China declined 2.8% to RM11.5 billion, while exports to Singapore decreased 7.2% to RM844.9 million.
Meanwhile, imports by end use recorded a decrease for all main categories, namely intermediate goods (-RM6.3 billion), capital goods (-RM3.6 billion) and consumption goods (-RM909.8 million).
source https://www.thesundaily.my/business/malaysia-s-exports-decline-0-8-in-august-JD1445586
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