You are here

Malaysia's February exports down 9.7% year on year, sliding more than expected

malay.jpg
Malaysia's exports fell 9.7 per cent in February from a year earlier, the biggest drop since September 2009, due to a continued slump in oil prices and a weakening Chinese economy that cut the value of commodity shipments, government data showed on Friday.

[KUALA LUMPUR] Malaysia's exports fell 9.7 per cent in February from a year earlier, the biggest drop since September 2009, due to a continued slump in oil prices and a weakening Chinese economy that cut the value of commodity shipments, government data showed on Friday.

Imports were up 0.4 per cent from a year earlier due to an increase in electrical and electronic products, as well as metal products.

A Reuters poll had forecast exports would drop 1.9 per cent, while imports were expected to rise 1.4 per cent.

The trade surplus for the month narrowed to RM4.5 billion (S$1.66 billion) from RM9.01 billion in January.

sentifi.com

Market voices on:

In February, the ringgit fell to 3.64 to a dollar from 3.63 at the end of January.

A weaker ringgit had previously helped sustain exports of the country's mainstay electrical and electronic products but February's data showed that shipments from the sector contracted, and there was a continued drop in exports of energy and commodities.

Exports to China declined 21.3 percent from a year earlier.

REUTERS

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom