Malaysian Trade Surplus Narrows in May on Falling Exports
In May of 2013, Malaysian trade surplus narrowed to MYR 2.46 billion, from MYR 4.6 billion recorded a year ago. Exports valued at MYR 55.37 billion, decreased by 5.8 percent due to lower shipments to ASEAN, India and Japan. Imports decreased by 2.3 percent to MYR 52.91 billion.
The lower exports in May of 2013 were mainly due to reduced exports of palm oil, crude petroleum as well as electrical and electronic products primarily storage units for computer. However, higher exports were recorded for manufactures of metal, mainly cathodes of refined copper; transport equipment especially parts for aircraft as well as chemicals and chemical products, primarily hydrocarbons and their derivatives.
Exports to ASEAN decreased by 5.3 percent, accounting for 27.5 percent of Malaysia’s total exports. The decrease was due to lower shipments of crude petroleum, palm oil, iron and steel products as well as refined petroleum products.However, exports of manufactured goods to ASEAN registered an increase of 2.3 percent.
Exports to Japan decreased by 12 percent compared with a year ago. Exports to the European Union declined by 5.3 percent and shipments to the United States decreased by 3.4 percent.
Exports to China were 7.3 percent higher from a year ago, due to the increase in exports of manufactures of metal, refined petroleum products, liquefied natural gas as well as chemicals and chemical products mainly hydrocarbons and their derivatives.
Imports of intermediate goods declined by 6.6 percent. Imports of capital goods contracted by 12.2 percent and consumption goods increased by 6.6 percent.
Malaysia’s total trade for the period of January-May of 2013 increase of 0.5 percent compared with corresponding period in 2012. Exports declined by 3.3 percent while imports expanded by 5 percent.
7/5/2013 9:44:03 AM