Malaysia’s October exports suffer sharpest drop in 18 months

08-Dec-2016 Intellasia | Reuters | 6:00 AM Print This Post

Malaysia’s exports in October fell 8.6 percent from a year earlier, the biggest drop since April 2015, government data showed on Wednesday.

The government said the drop was “due to the high-base effect of October 2015″. A Reuters poll had forecast a 5.8 percent decline for the month’s shipments.

October is the second straight month exports fell on an annual basis. In September, they declined 3.0 percent. Annual exports of manufactured goods fell by 6.7 percent in October, data from the International Trade and Industry Ministry showed.

Shipments of mining goods declined 34.8 percent, due to lower exports of liquefied natural gas and crude oil.

In Malaysia, trade figures are reported in ringgit. The ministry said exports in October amounted to 69.2 billion ringgit ($15.61 billion), the highest recorded in 2016. Malaysia’s imports in October fell 6.6 percent from a year earlier, a sharp drop from September’s 0.1 percent decline.

The trade surplus in October widened to 9.6 billion ringgit ($2.17 billion), from 7.6 billion ringgit the previous month.

Exports to the United States fell 3.5 percent from a year earlier, while those to Europe declined 12 percent.

However, annual exports to China increased 3.4 percent, thanks to higher shipments of electrical and electronic products.

For a graphic on Malaysia’s exports and imports, click: link.reuters.com/xyb28s

KEY DATA

(Exports and imports in percent, trade in billions of ringgit)

Oct Sept Aug July June May Apr Mar

Exports 69.2 68.0 67.6 59.9 66.5 59.92 61.35 66.59

y/y% -8.6 -3.0 1.5 -5.3 3.4 -0.9 1.6 0.2

Imports 59.4 60.5 59.1 57.9 60.9 56.66 52.29 55.39

y/y% -6.6 -0.1 4.9 -4.8 8.3 3.1 -2.3 -5.5

Balance 9.76 7.56 8.51 1.91 5.52 3.26 9.06 11.2

MAIN EXPORTS

Oct 2016 % of % change

(bln rgt) total vs year ago

Electrical & 26.6 38.4 1.2

Electronic Products

Palm oil & Palm-based 4.6 6.7 3.7

products

Liquefied natural gas 2.7 3.9 -40.2

Chemicals and 5.0 7.3 -4.7

products

Crude oil 1.8 2.5 -27.9

Petroleum products 5.0 7.3 -7.4

Machinery 2.9 4.2 -19.8

Rubber products n/a n/a n/a

Metal 2.5 3.6 -43.8

EXPORT MARKETS

(bln rgt) % of total % yr/yr

China 9.5 13.7 3.4

Singapore 9.7 14.0 -7.5

Japan 4.9 7.1 -29.1

USA 7.0 10.2 -3.5

Thailand 3.8 5.4 -8.9

($1 = 4.4330 ringgit)

http://www.reuters.com/article/malaysia-economy-trade-idUSL4N1E1227

 


Category: Malaysia

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