Malaysia: Trade surplus narrows to a 10-year low in July
September 7, 2012
In July, exports fell 7.4% in USD terms over the same month last year. The reading contrasted both the 1.1% increase seen in June and market expectations. In addition, the July fall represents the steepest decline recorded since September 2009. According to the Department of Statistics, the deterioration was mainly due to lower shipments of palm oil and pam oil-based products as well as of liquefied natural gas. Meanwhile, imports rose 3.4% in July, which contrasted the 0.6% drop observed in June. As a result, the trade surplus narrowed to USD 1.1 billion in July, which represents a notable deterioration over the USD 3.1 billion surplus registered in the same month last year. The print marked, in fact, the lowest trade surplus seen since July 2002.