Malaysia’s exports fell 14.1 percent year on year to 123.98 billion ringgit (27.26 billion U.S. dollars) in June on weaker global demand, official data showed Thursday.
In tandem with slower global demand and lower commodity prices, total trade for the month contracted by 16.3 percent to 222.14 billion ringgit, the Ministry of Investment, Trade and Industry (MITI) said in a statement.
Meanwhile, Malaysia’s imports declined by 18.9 percent year on year to 98.2 billion ringgit.
Malaysia’s trade surplus in June registered a double-digit growth of 11.3 percent year on year to 25.81 billion ringgit.
Despite the decline in June, MITI said strong export was posted primarily for electrical and electronic (E&E) products, iron and steel products, metalliferous ores and metal scraps, transport equipment, as well as processed food.
According to MITI, exports of manufactured goods which constituted 87.7 percent of total exports slipped 9.5 percent year on year in June on lower exports of petroleum products, palm oil-based manufactured products as well as chemicals and chemical products.
Exports of agriculture goods in June plunged 42.1 percent year on year, owing mainly to lower export of palm oil and palm oil-based agriculture products.
Exports of mining goods also slumped 34.9 percent year on year in June on the back of lower exports of liquefied natural gas (LNG) and crude petroleum.
For the second quarter, Malaysia’s trade decreased by 11.3 percent year on year to 643.22 billion ringgit.
Exports for the quarter edged down by 11.1 percent to 348.68 billion ringgit, while imports dropped by 11.5 percent to 294.54 billion ringgit.
Trade surplus for the quarter also fell 8.8 percent to 54.14 billion ringgit.
For the first half, Malaysia’s trade shrank by 4.6 percent to 1.29 trillion ringgit.
Exports for the period eased by 4.5 percent to 703.27 billion ringgit, while imports contracted by 4.7 percent to 584.75 billion ringgit.
Trade surplus for the period was also down by 3.6 percent to 118.52 billion ringgit. (1 ringgit equals 0.22 U.S. dollar)