Malaysia's Jan exports unexpectedly fall 2.8% y-o-y, oil shipments drop
[KUALA LUMPUR] Malaysia's January exports fell for the first time in eight months on weak global economic conditions and a slide in oil and gas shipments, government data showed on Friday, confounding economists'expectations for a rise.
Exports in January declined 2.8 per cent from a year earlier, compared with 1.4 per cent growth in December and a Reuters poll forecast of 2.5 per cent. It last declined in May 2015.
The Southeast Asian country's exports had expanded at a slower pace in the last two months, hit by weak global prices for commodity shipments and a slowdown in China, Malaysia's largest trading partner.
Imports in January rose 3.3 per cent from a year earlier, picking up from 3.2 percent the previous month.
January's trade surplus was a smaller RM5.39 billion (S$1.8 billion) compared with RM7.99 billion in December.
Exports to the EU grew 6.4 per cent, while US exports rose 7.9 per cent supported by higher exports of manufactured goods.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons