Highlight Malaysia's April exports, imports fall more than forecast

by **Cals** Mon 08 Jun 2015, 03:19

Highlight
Malaysia's April exports, imports fall more than forecast

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By Sangeetha Amarthalingam / theedgemarkets.com | June 5, 2015 : 1:47 PM MYT

KUALA LUMPUR (June 5): Malaysian exports fell 8.8% to RM60.4 billion in April from a year earlier mainly on lower sales of commodity-based products. Commodity-based exports fell amid lower prices of crude oil, palm oil and natural rubber.

According to the [size=14]Statistics Department's statement today, the country's exports also fell on lower electrical and electronic (E&E) product sales.

The department said the nation registered lower exports of refined petroleum products, liquefied natural gas and crude oil.

"Refined petroleum products, which accounted for 4.5% of total exports, fell RM2.5 billion or 48.2% to RM2.7 billion due to the decrease in both export volume (-31.3%) and average unit value (-24.6%).

"Liquefied natural gas (LNG), which contributed 5.3% to total exports, dropped 40.1% or RM2.1 billion to RM3.2 billion as a result of both lower average unit value (-31.0%) and export volume (-13.3%)," the department said.

Palm oil-based exports declined 16.1% while natural rubber sales dropped 38.3%. E&E product exports fell 3%.

Similarly, the country's imports recorded a 7% decrease to RM53.5 billion as a result of lower intermediate and capital goods purchases.

The April export and import numbers translated into a trade surplus of RM6.9 billion, a 21.2% drop from a year earlier.

The April exports decline quantum had come in higher than expected. According to an analysts’ poll by Reuters, exports were forecasted to decline 6.2% from a year earlier while imports were expected to be flat.

Reuters reported that April's imports declined from a year earlier as consumer spending weakened after the implementation of a 6% goods and services tax (GST) on April 1. Imports were strong in the first quarter as consumers made big ticket purchases prior to the GST.
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