May exports declines 25.5% to RM62.7b

PETALING JAYA: Malaysia’s May exports continued to register a decline of 25.5% to RM62.7 billion year-on-year (yoy), on the continued effect from the Covid-19 pandemic.

“In May 2020, Malaysia’s exports recorded a decrease at a slower pace than imports, resulting a trade surplus of RM10.4 billion, higher by 14.7% compared to May 2019. Meanwhile, Malaysia’s total trade stood at RM115 billion, decreased 27.8% yoy,” said chief statistician Datuk Sri Mohd Uzir Mahidin.

Re-exports was valued at RM8.8 billion registering a decrease of 30% yoy and accounted for 14% of total exports. Domestic exports also recorded a decrease of 24.7% to RM53.9 billion.

The decrease in exports was attributed by lower exports to India (-RM3.2 billion), Singapore (-RM2.5 billion), Thailand (-RM2.1 billion), Japan (-RM2 billion) and the European Union (-RM1.9 billion). Lower imports were mainly from China (-RM3.3 billion), Singapore (-RM3.1 billion), the European Union (-RM2.3 billion), Thailand (-RM2.1 billion) and Indonesia (-RM1.4 billion).

The main products which contributed to the decline in exports were electrical and electronic products (-RM5.8 billion), petroleum products (-RM2.9 billion), crude petroleum (-RM1.7 billion), manufacture of metal (-RM1.4 billion), chemical and chemical products (-RM1.2 billion), and machinery, equipment and parts (-RM1.1 billion). While decreases in imports were noted for petroleum products (-RM5.1 billion), chemical and chemical products (-RM2.6 billion), transport equipment (-RM2.4 billion), machinery, equipment and parts (-RM1.9 billion) and crude petroleum (-RM1.8 billion).

Meanwhile, imports also registered a decline of 30.4% to RM52.3 billion yoy which was the largest decline since January 2009 during the global financial crisis in 2009.

The decrease in imports by end use was attributed by intermediate goods, capital goods and consumption goods. Imports of intermediate goods, lower by 27.8% to RM30.8 billion.

Capital goods stood at RM6.7 billion, decreased 27.8% and consumption goods declined 21.9% to RM5.2 billion.

source https://www.thesundaily.my/business/may-exports-declines-255-to-rm627b-EA2637152