Fri, 23 Oct 2020

Malaysia's exports down 2.9 pct in August

Xinhua
28 Sep 2020, 16:05 GMT+10

KUALA LUMPUR, Sept. 28 (Xinhua) -- Malaysia's exports fell 2.9 percent year-on-year to 79.14 billion ringgit (about 19 billion U.S. dollars) in August due to lower shipment in all sectors.

Malaysia International Trade and Industry Ministry said in a statement that exports of manufactured goods in August fell 0.1 percent, due mainly to lower exports of manufactures of metal and chemicals and chemical products.

Exports of agriculture goods decreased by 4.5 percent, mainly on lower exports of sawn timber and moulding as well as natural rubber.

Exports of mining goods also dropped by 25.9 percent over lower exports of liquefied natural gas.

Total trade decreased by 4.6 percent to 145.06 billion ringgit (34.8 billion U.S. dollars) in August, with imports slipping by 6.5 percent to 65.92 billion ringgit(15.81 billion U.S. dollars).

Meanwhile, Malaysia's trade with China increased by 4.3 percent year-on-year to 27.7 billion ringgit (6.65 billion U.S. dollars).

Exports to China sustained double-digit growth for three consecutive months, surging by 20.9 percent to 13.97 billion ringgit (3.35 billion U.S. dollars). This was boosted mainly by higher exports of electronics and electrical (E&E) products, iron and steel products as well as other manufactures.

Socio-economic research center executive director Lee Heng Guie said, the export performance in August showed still uneven exports recovery ahead on concerns about the pace and strength of the economies of Malaysia's major trading partners.

"By sector, demand of the electronics and electrical products industry still resilient, supported by demand of chips and data solutions under the COVID-19 environment," he said.

He also anticipated Malaysia's exports to contract 5 percent in 2020.

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