PETALING JAYA: Malaysia’s April exports registered a 23.8% decline year-on-year (y-o-y) to RM64.9 billion, the largest decline since September 2009, due to most sectors of the national economy being shut down since March 18, under the movement control order.
According to the Department of Statistics Malaysia, re-exports was valued at RM18.6 billion registering an increase of 38.2% y-o-y and accounted for 28.7% of total exports. However, domestic exports decreased 35.4% or RM25.4 billion to RM46.3 billion. Imports also registered a decrease of 8% y-o-y to RM68.4 billion.
The decrease in exports was attributed by lower exports to the European Union (-RM2.7 billion), the United States
(-RM2.4 billion), India (-RM2.3 billion), Singapore (-RM2 billion) and Thailand (-RM2 billion). However, exports increased to China (+RM488.1 million).
The main products which contributed to the decline in exports were electrical and electronic products (-RM7.2 billion), refined petroleum products (-RM1.4 billion), timber and timber-based products (-RM891.9 million), liquefied natural gas (-RM737.6 million), crude petroleum (-RM639.8 million), palm oil and palm oil-based products (-RM126.5 million) and natural rubber (-RM91 million).
Chief statistician Datuk Seri Mohd Uzir Mahidi said imports also registered a decrease of 8% y-o-y to RM68.4 billion.
“In April 2020, Malaysia’s imports exceeded the value of its exports mainly due to the lumpy imports which was valued at RM10.1 billion, resulting trade deficit of RM3.5 billion. This was the first month of trade deficit since October 1997. Meanwhile, Malaysia’s total trade stood at RM133.3 billion, decreased 16.4% y-o-y.
“This gloomy situation can be also observed in the number of transactions, which amounted to 11.7 million transaction for the period of January to April 2020 as compared to 14.3 million transaction for the same period last year. However, based on early indicators Malaysia’s trade may rebound favourably in May 2020 as businesses resumes its operation,” he said.
Lower imports were mainly from Singapore (-RM2.5 billion), the European Union (-RM2.1 billion), Thailand (-RM1.7 billion), Saudi Arabia (-RM1.6 billion) and Japan (-RM906.9 million). Meanwhile, higher imports were from Republic of Korea (+RM9.9 billion) due to imports of floating structures.
Meanwhile, the decrease in imports by end use was contributed by intermediate goods and consumption goods. Imports of intermediate goods and consumption goods decreased by RM12.5 billion and RM793.5 million respectively. Nevertheless, imports for capital goods recorded an increase of RM6.1 billion.
source https://www.thesundaily.my/business/malaysia-s-april-exports-drop-238-to-rm649b-ID2500291
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