KUALA LUMPUR (April 5): Malaysia’s February 2018 exports fell 2% year-on-year to RM70.3 billion due to a decline in external sales of oil palm-based goods, natural rubber and liquefied natural gas (LNG).
The Statistics Department said in a statement today Malaysia also exported less timber-based besides electrical and electronic products.
“On a year-on-year basis, total exports decreased due to lower exports to Japan (-RM1.2 billion), China (-RM931.5 million), Indonesia (-RM918.3 million), Singapore (-RM596.3 million), and Mexico (-RM318.6 million),” the department said.
Malaysian imports also fell. The department said the country’s imports dropped 2.8% to RM61.3 billion.
The department said the fall in Malaysian imports were mainly due to fewer purchases from Indonesia, Australia, Saudi Arabia, Thailand and Vietnam.
“(In February 2018, Malaysian) exports and imports recorded a decrease of 2% and 2.8% respectively after registering growth for 15 consecutive months since November 2016,” the department said.