PETALING JAYA: International Trade & Industry Minister Datuk Seri Mohamed Azmin Ali (pix) said Malaysia’s exports are expected to improve in the coming months, following the government’s move to allow more industries to resume operations and at full operating capacity since May 4.
“Similarly, companies in other countries are also ramping up their business operations. This will boost trade activities between Malaysia and other countries,” he said in a statement.
Commenting on the April trade performance, he said the declines in both imports and exports were to be expected, given that most countries around the world were under some form of lockdown to contain the spread of Covid-19.
“This has caused major disruptions to the manufacturing activities and movement of goods globally. Nevertheless, exports of some products such as iron and steel, rubber gloves and refined palm oil recorded increases,” he added.
Exports of iron and steel products, transport equipment as well as rubber products recorded a double-digit growth of 21.5%, 21.8% and 11.7% respectively, despite the decline in exports of manufactured goods by 23.4% year-on-year (y-o-y) to RM55.5 billion.
In April 2020, Malaysia’s trade amounted to RM133.34 billion, a decrease of 16.4% compared to April 2019,
Exports was valued at RM64.92 billion, a contraction of 23.8% while imports decreased by 8% to RM68.42 billion. Trade balance recorded a deficit of RM3.5 billion in April 2020, after 269 consecutive months of surplus on account of a higher contraction in exports compared to imports.
Malaysia’s trade during the first four months of 2020 dropped by 3.5% to RM573.75 billion compared to the corresponding period of 2019. Exports of manufactured goods also contracted by 4.5% to RM257.28 billion compared to the same period a year ago.
Trade surplus, valued at RM33.47 billion, declined by 29.9% compared to the same period of 2019.
source https://www.thesundaily.my/business/exports-expected-to-improve-in-coming-months-azmin-XY2504981
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