Malaysia’s exports contract for the first time in 31 months
by Bloomberg Apr 19, 2023
Malaysia’s exports declined in March, marking the first contraction since August 2020 amid slowing global demand.
Outbound shipments fell 1.4% from a year ago to 129.7 billion ringgit ($29.3 billion), according to a statement from the Ministry of Investment, Trade and Industry. Exports of electrical and electronics products, which accounted for 39% of the Southeast Asian nation’s total, fell 4.4% year-over-year, while palm oil and related agricultural products sagged 14.2%.
The fall in exports narrowly beat the 1.9% drop predicted in a Bloomberg survey, while a 1.8% decline in imports also came in narrower than the estimate for a 2.2% fall. That contributed to Malaysia’s trade surplus widening to 26.69 billion ringgit.
Exports to China dropped 6.2% on lower electrical and electronics shipments, while those to the US increased 7.5%. US semiconductor chip imports from Malaysia, its leading provider, had fallen for a fourth straight month in February, according to US Census data.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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