The FINANCIAL — Malaysia’s April exports contracted a steeper-than-expected 8.8% from a year earlier as shipments of electronics, liquefied natural gas and petroleum products plunged, official data showed on June 5, according to Nasdaq.
A Wall Street Journal survey of nine economists projected exports to fall 5.4% year-on-year. In March, exports expanded 2.3% from a year earlier.
Exports totaled 60.38 billion ringgit ($16.25 billion) in April, compared with 66.24 billion ringgit a year earlier, the Ministry of International Trade and Industry said in a statement.
Shipments of electronic products, which make up about a third of total exports, fell 3.0% in April while those of liquefied natural gas plummeted 40% and petroleum products fell 37%.
In terms of markets, exports to China, Malaysia’s largest trading partner, rose 1.9% and shipments to the U.S. increased 7.6% in April while exports to Southeast Asian neighbors fell 8.9%.
Imports in April declined 7.0% on year to 53.49 billion ringgit, the ministry said. Economists in the same poll had predicted imports to remain unchanged.
The fall in April imports was led by capital goods, which decreased 16% while intermediate goods–unfinished parts such as circuit boards and automotive components used in the final assembly of computers and cars–was 3.0% lower. Consumption goods climbed 12%.
The April trade surplus narrowed to 6.89 billion ringgit from 7.82 billion ringgit in March, the ministry added.
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