Malaysia's exports decline widened in October, posting 69.2 billion ringgit (15.6 billion U.S. dollars), an 8.6 percent drop compared to a year ago, according to a monthly report from Malaysia's Ministry of International Trade and Industry.
Though October exports volume was the highest recorded thus far in 2016, it fell for the second time in a row after a 3 percent decline in September. The ministry said it was "due to high-base effect of October 2015."
The decline of exports was driven by a 34.8 percent plunge in exports of mining goods, comprised mainly of liquefied natural gas and petroleum.
Exports of manufactured goods, which include machinery, equipment and parts and rubber products, fell by 6.7 percent. Breaking down the results region by region, exports to the Association of Southeast Asian Nations declined by 2.6 percent from a year earlier, to the United States shrank by 3.5 percent while to the European Union contracted by a sharp 12 percent.
However, Malaysia's exports to China increased by 3.4 percent, "due to higher exports of electrical and electronic products," said the report.
During the month, Malaysia's imports also decreased by 6.6 percent compared with the same period of last year, while total trade was lower by 7.7 percent.
Latest comments