The Financial Express

Malaysia's exports fall 2.9pc in August

| Updated: October 01, 2020 14:15:52

File photo used for representational purpose File photo used for representational purpose

Malaysia's exports fell 2.9 per cent year-on-year to 79.14 billion ringgit (about 19 billion US 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 per cent, due mainly to lower exports of manufactures of metal and chemicals and chemical products, reports XInhua.

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

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

Total trade decreased by 4.6 per cent to 145.06 billion ringgit (34.8 billion US dollars) in August, with imports slipping by 6.5 per cent to 65.92 billion ringgit (15.81 billion US dollars).

Meanwhile, Malaysia's trade with China increased by 4.3 per cent year-on-year to 27.7 billion ringgit (6.65 billion US dollars).

Exports to China sustained double-digit growth for three consecutive months, surging by 20.9 per cent to 13.97 billion ringgit (3.35 billion US 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 5.0 per cent in 2020.

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