Malaysia: Exports contract in March
May 7, 2015
Exports declined 9.0% in annual terms in March, which was up from the 16.7% contraction tallied in February. The result undershot market expectations of a milder contraction. Meanwhile, imports declined 5.9% in March, which was a less pronounced drop than the 7.4% decline recorded in the previous month. The Department of Statistics noted that crude petroleum products saw the biggest yearly decline, followed by refined petroleum and palm oil products.
The trade balance rose sharply from a USD 1.3 billion surplus in February to a USD 2.1 billion surplus in March (March 2014: USD 2.9 billion). The 12-month moving sum of the trade balance ticked down from a USD 24.0 billion surplus in February to a USD 23.2 billion surplus in March.
Author: Robert Hill, Economist