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NewsHighlight Malaysia’s January exports down 2.8% on year, imports up
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Highlight Malaysia’s January exports down 2.8% on year, imports up
by Cals Sat 05 Mar 2016, 03:10
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[size=28]Malaysia’s January exports down 2.8% on year, imports up
By Law Yin-Lyn / theedgemarkets.com | March 4, 2016 : 12:50 PM MYTKUALA LUMPUR (March 4): Malaysian exports fell 2.8% to RM61.9 billion in Jan 2016 from a year earlier, on lower sales of liquefied natural gas (LNG), crude petroleum, refined petroleum products and natural rubber.
In a statement today, the Statistics Department said exports of LNG and crude petroleum dropped 48.2% and 38.2% respectively. Refined petroleum products and natural rubber exports declined 19.4% and 24.9% respectively.
However, electrical and electronic (E&E), oil palm and timber-based products' exports increased. E&E exports rose 2.6%, while external sales of oil palm and timber-based items climbed 5.8% and 12.2% respectively.
E&E items accounted for the largest portion at 36.1% of the country's exports, followed by oil palm products at 7.8%.
In geographical terms, the Statistics Department said Malaysia recorded lower exports to Japan, South Korea, Taiwan, Australia and Hong Kong.
Malaysian imports, however, rose. The department said imports rose 3.3% to RM56.5 billion, from a year earlier, due to higher purchases of intermediate and consumption goods.
The department also said Malaysia purchased more goods from China, Singapore, Switzerland, South Korea and India.
Malaysia's January on-year exports drop, follows Dec 2015's export growth of 1.4%. December imports had expanded 3.2%
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