Malaysia’s exports in May fell 5.8% to RM55.37bil from a year ago, which was below consensus forecast of a 3% decline as exports of palm oil and electrical and electronic (E&E) products fell. The Statistics Department said on Friday the decline in exports were mainly to the markets of Asean, India and Japan.
“The lower exports were due to reduced exports of palm oil (down RM1.93bil), crude petroleum (down RM751mil) as well as E&E products (down RM416.9mil) primarily storage units for computers,” it said.
As for imports, there was a 2.3% decline to RM52.91bil from a year ago compared to consensus expectations of a 2.9% increase.
“Imports of intermediate goods declined by 6.6% or RM2.25bil. Imports of capital goods contracted by 12.2% or RM1.08bil and consumption goods increased by 6.6% or RM249.3mil,” it said.
Malaysia’s total trade in May was RM108.28bil, down by 4.1% from a year ago.
Malaysia recorded lower trade with Japan by RM1.45bil; Indonesia, (down RM874.3mil); Qatar, (RM831.3mil); Saudi Arabia, (down RM713.4mil) and Singapore, (RM674.8mil).