Malaysia: Contraction in exports eases in June
August 5, 2016
Exports in USD terms fell 5.1% annually in June following the 12.2% contraction tallied in May. The result marked the 20th consecutive month of contraction, as global demand for key Malaysian exports dwindles and the USD appreciates. Meanwhile, imports declined 0.6% in June, which was a much softer contraction than the 8.7% fall recorded in the previous month. According to the National Statistical Institute, the largest decrease was recorded in palm oil and palm-based products.
The trade balance widened from a USD 0.8 billion surplus in May to a USD 1.3 billion surplus in June. The 12-month moving sum of the trade balance decreased from USD 23.5 billion to USD 22.8 billion in June.
Author: Robert Hill, Economist