Malaysia July Exports Shrink For Fifth Straight Month, Imports Contract
KUALA LUMPUR (Aug 18) -- Malaysia’s exports plunged 13.1% in July, the fifth straight month of annual contraction, amid shaper decline in shipments of palm oil and petroleum products as well as fewer deliveries to key trading partners across Southeast Asia, official data Friday showed.
Exports in July totaled 116.75 billion ringgit ($25.15 billion) compared to 134.32 billion ringgit in the same month last year, the trade ministry said in a statement. That compares to June’s 14.1% year-on-year contraction.
Shipments of electronics and electrical products that account for more than a third of total exports rose 7.3% to 50.45 billion ringgit, while that of petroleum products fell 48.7%. Exports of palm oil products meanwhile plunged 34.4% annually.
In terms of markets, exports to major trading partner China grew 6.1% on annual basis in July, while deliveries to US rose 2.2%.
Imports dropped 15.9% in July from a year earlier to 99.66 billion ringgit as inbound shipments of intermediate and capital goods slipped. Trade surplus for the month widened 7.93% from last year to 17.09 billion ringgit.
On a month-on-month basis, exports fell 5.8%, while imports grew 1.3%. Trade surplus narrowed 33.1% in July when compared to June.