Malaysia: Exports continue to plummet in August
October 5, 2012
In August, exports fell 8.8% in USD terms over the same month last year, which came in below the 7.4% drop seen in July and undershot market expectations. In addition, the fall represents the steepest decline recorded since September 2009. According to the Department of Statistics, the deterioration was mainly due to lower shipments in all the major subcategories, including petroleum products as well as electrical and electronic goods. Meanwhile, imports fell 1.9% in August, which contrasted the 3.4% rise observed in July. As a result, the trade surplus narrowed to USD 2.3 billion in August, which represents a remarkable deterioration over the USD 3.7 billion surplus registered in the same month last year.