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Malaysia: March exports slip 0.5% on-year to RM84b but above forecast
KUALA LUMPUR: Total Malaysian exports in March fell 0.5% year-on year (y-o-y) to RM84.05bil, beating Bloomberg’s survey expectations of a 3.4% decline.
According to the Ministry of International Trade and Industry (MITI), the better-than-expected export performance led to a trade surplus of RM14.37bil, which was 2.2% lower from a year ago but higher than analyst predictions.
The total value of imports for the month contracted 0.1% y-o-y to RM69.68bil.
Overall, Malaysia’s trading activity during the month fell 0.3% y-o-y to RM153.73bil.
Manufacturing, which remains Malaysia’s largest export sector, was the only sector that saw expansion, growing 1.5% y-o-y to RM70.81bil. The mining and agricultural goods sectors experienced contractions on a y-o-y basis.
Product-wise, the growth was driven by a double-digit jump in the export value of petroleum products, although a fall in E&E exports partially mitigated the gains.
In terms of trade by region, exports to Asean grew 1.3% y-o-y to RM23.58bil, led by higher shipment values to Thailand, Vietnam and Cambodia
In March, exports to China recorded the biggest jump of 11.8% y-o-y to RM11.67bil amid rising total trade.
Regions seeing falling export value from Malaysia included the EU, the US and Japan.
“Among the top 10 EU markets which accounted for 91.5% of Malaysia’s total exports to the EU, exports to three countries registered increases namely, the Netherlands (↑2.3%), Spain (↑28.5%) and Poland (↑13.4%),” said MITI.
Malaysia’s free trade partners recorded a 0.9% y-o-y increase in shipments from Malaysia to RM43.13bil, led by Australia and Pakistan.
Source: https://www.thestar.com.my/business/business-news/2019/05/03/march-exports-slip-0pt5pct-on-year-to-rm84b-but-above-forecast/#6iCcxwZr1O5wlMPX.99