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Malaysia's exports plunge 23 percent
Agence France Presse - September 7, 2009
Kuala Lumpur – Malaysia's exports, the mainstay of the economy, slumped 22.8 per cent in July from a year earlier, according to official data released on Monday.
The trade ministry said in a statement that exports plunged to 48.87 billion ringgit (S$19.9 billion) year-on-year while imports fell 16 percent to 41.06 billion ringgit, producing a trade surplus of 7.81 billion ringgit.
Total trade from January to July was worth 531.68 billion ringgit, a decrease of 23.9 percent from a year ago.
The trade ministry said the steep decline in exports year-on-year came as demand had declined among key trading partners, especially for electrical and electronic products which account for one-third of Malaysia's total exports.
Malaysia's key export markets are Singapore, China, Japan, Hong Kong and the United States. In June, Malaysian exports fell 22.6 per cent.
The government has said the export-dependent economy is likely to contract by 4.0-5.0 per cent this year due to the drop-off in exports and manufacturing.
The central bank announced last month that the economy shrank 3.9 per cent in the three months to June year-on-year, in an improved performance from the 6.2 per cent contraction seen in the first quarter.
Prime Minister Najib Razak said last month that the economy had 'turned around a corner' and was on track for a recovery despite a second consecutive quarter of negative growth.
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