PETALING JAYA: Net exports of goods and services are expected to contract this year, due mainly to a larger decline in exports, Bank Negara Malaysia stated in its Economic and Monetary Review.
Gross merchandise exports are projected to register a larger negative growth, while commodities exports are expected to contract further due mainly to lower prices of crude oil and LNG, as well as weaker commodities production.
Gross imports is expected to record a larger contraction, mainly reflecting weaker external and domestic demand. Consumption imports are also likely to decline amid slower domestic demand conditions.
Consequently, the current account surplus is projected to narrow to 1-2% of GDP in 2020, compared with 3.3% of GDP in 2019.
source https://www.thesundaily.my/business/net-exports-expected-to-contract-this-year-CD2207163
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