Malaysia’s exports decreased at a slower-than-expected pace in May, figures from the Department of Statistics showed Friday.
Exports dropped 6.7 percent year-over-year in May, slower than economists’ expectations of a 8.7 percent plunge.
Shipments of electrical and electronics products, which accounted for 34.9 percent of total exports, declined 0.6 percent annually in May.
Due to a decline in both export volume and average unit value, exports of liquefied natural gas slumped by 47.9 percent and exports of refined petroleum products tumbled by 28.3 percent.
Imports also dipped in May, down 7.2 percent from the previous year, slower than economists’ expectations of a 8.5 percent drop. The decrease in imports was mainly attributed to intermediate goods and capital goods.
On a monthly basis, exports rose 0.1 percent and grew by seasonally adjusted 1.1 percent. Imports increased 2.7 percent and expanded a seasonally adjusted 1.5 percent.
The visible trade surplus of the country came in at MYR 5.5 billion in May, in line with economists’ expectations. The trade surplus totaled MYR 5.6 billion a year ago and MYR 6.9 billion in the previous month.
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