Malaysia's exports slipped 2.9% year-on-year (y-o-y) to RM79.2 billion in August 2020 as external sales of petroleum products, liquefied natural gas, chemical-based goods and metal-based items decreased, the Statistics Department said today.
In geographical terms, Malaysia reported lower exports to Bangladesh, Thailand, India, Japan, and Indonesia although exports to China and the US increased, the department said in a statement today.
"The main products which contributed to the decrease in exports were liquefied natural gas (-RM1.5 billion), manufacture of metal (-RM1.2 billion), chemical and chemical products (-RM1.1 billion) and petroleum products (-RM862.4 million).
"However, exports of electrical and electronic products and rubber products increased by RM2.3 billion and RM1.5 billion respectively," the department said.
Malaysia's imports also fell. The department said today August 2020 imports contracted 6.5% to RM65.9 billion from a year earlier as intermediate and capital goods purchases decreased.
The department said imports of intermediate goods dropped 5.6% or RM2.2 billion to RM36.9 billion while purchases of capital goods declined 15.5% or RM1.3 billion to RM6.8 billion.
"However, imports of consumption goods registered an increase of 2.9% to RM6.4 billion," the department said.
Malaysia's August 2020 total trade, which combines the nation's export and import values, was 4.6% lower y-o-y at RM145.1 billion, according to the department.
The country's trade surplus, which denotes the difference between export and import values, expanded 19.7% to RM13.2 billion from a year earlier, it said.
Source: The Edge Markets