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Malaysia: June exports contract by 3.1% to RM76.17b, lowest since February
KUALA LUMPUR: Malaysia’s exports in June contracted by 3.1% to RM76.17bil from a year ago, which was a surprise compared with a Bloomberg survey of a 1.9% increase, as exports to China shrank.
The Ministry of International Trade and Industry (MITI) said on Friday the June exports were the lowest since February’s RM66.60bil.
MITI said in a statement exports to China fell by 12% to RM10.07bil due to lower exports of petroleum products, electrical and electronic (E&E) products, metalliferous ores and metal scrap as well as manufactures of metal.
Malaysia registered a trade surplus of RM10.26bill in June 2019, the 260th consecutive month of trade surplus since November 1997.
Imports decreased by 9.2% to RM65.91bil, which was much lower that the surveyof a 1.3% decrease.
“Trade in June 2019 contracted by 6% to RM142.08bil compared to June 2018. Lower trade was recorded with China, Hong Kong SAR, Thailand, Singapore and Japan. Higher trade however was registered with India, the Philippines and the US, ” it said.
June versus May trade
On a month-on-month (m-o-m) basis, trade surplus recorded a double-digit growth of 13.1%.
Total trade was down by 10.8% from RM159.20bil in May, exports fell by 9.5% from RM84.138bil and imports were down by 12.2% from RM75.06bil.
Compared to May 2019, exports of mining goods registered a double digit growth of 10.3% while exports of manufactured and agriculture goods contracted by 10% and 23.2%, respectively.
In June 2019, trade with China contracted by 12.4% y-o-y to RM23.51bil, making up 16.5% of Malaysia’s total trade.
MITI said June exports to China totalled RM10.07bil, down by 12% due to lower exports of petroleum products, E&E products, metalliferous ores and metal scrap as well as manufactures of metal products.
Main exports in June 2019:
E&E products, valued at RM28.08bil and constituted 36.9% of total exports, decreased by 6% from June 2018;
Petroleum products, RM6.10 billion, 8% of total exports, decreased by 2.4%;
Chemicals and chemical products, RM4.57 billion, 6% of total exports, increased by 1.3%;
Manufactures of metal, RM3.37 billion, 4.4% of total exports, decreased by 15.7%; and
Machinery, equipment and parts RM3.24 billion, 4.2% of total exports, declined by 10.9%.
MITI said when compared to May 2019, exports of mining goods rose 10.3% while exports of manufactured and agriculture goods contracted by 10% and 23.2%, respectively.
However, trade with the US in June 2019 increased by 5.8% y-o-y to RM12.8bil, accounting for 9% of Malaysia’s total trade. Exports increased by 8.8% to RM7.65bil contributed by higher exports of E&E products, manufactures of metal, manufactures of plastics, processed food and wood products. Imports from the US expanded by 1.7% to RM5.16bil.
Compared to May 2019, trade, exports and imports dropped by 8.5%, 2.2% and 16.6%, respectively.
Source: https://www.thestar.com.my/business/business-news/2019/08/02/june-exports-contract-by-31–to-rm7617b-lowest-since-february#872Dhz2j0uZIHKtR.99