Malaysia: Exports contraction intensifies in July
August 6, 2015
Exports fell 13.5% in annual terms in July, following the 10.2% contraction tallied in June. The result overshot market expectations of a starker contraction. Meanwhile, imports declined 11.5% in July, which was an improvement compared to the 15.7% decline recorded in the previous month. The Department of Statistics noted that exports in refined and crude petroleum products, as well as liquefied natural gas, declined over the previous month.
The trade balance slid from a USD 2.1 billion surplus in June to a USD 0.6 billion surplus in July, the lowest figure in nine months (July 2014: USD 1.1 billion). The 12-month moving sum of the trade balance inched down from a USD 23.0 billion surplus in June to a USD 22.5 billion surplus in July.
Author: Robert Hill, Economist