Malaysia: Exports contract again in October
December 7, 2012
In October, exports declined 1.0% in USD terms over the same month the previous year. The print contrasted the 4.2% rise observed in September, which had represented the first increase in four months and exceeded market expectations. According to the Department of Statistics, the deterioration was mainly due to lower shipments for palm oil and oil-based products as well as for liquefied natural gas (LNG). As a result, in the 12 months up to October, exports rose a meagre 0.6% over the same period a year ago (September: +1.8% yoy).
Meanwhile, imports expanded 8.1%, following the 11.3% rise recorded in September. Accordingly, imports grew 6.1% in annual terms in the last 12 months (September: +5.5% yoy).
Finally, the trade surplus reached USD 3.1 billion in October. As a result, the 12-month moving sum of the trade balance reached USD 30.8 billion in October, which was smaller than the USD 32.3 billion surplus recorded in September.