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HomeLatestMalaysia's exports contract 0.7 pct in May amid slower international demand

Malaysia's exports contract 0.7 pct in May amid slower international demand

KUALA LUMPUR, June 20 (Xinhua) — Malaysia’s exports contracted 0.7 p.c year-on-year to 119.61 billion ringgit (25.79 billion U.S. {dollars}) in May, in tandem with slower international demand and decrease commodity costs, official knowledge confirmed Tuesday.

The Ministry of Investment, Trade and Industry (MITI) mentioned in a press release that the nation’s complete commerce slipped by 2 p.c to 223.8 billion ringgit, whereas its imports decreased by 3.3 p.c to 104.19 billion ringgit.

Despite the decline, MITI mentioned the exports to main buying and selling companions notably China, the United States and Japan recorded enlargement.

Malaysia’s exports to China improved, pushed by greater demand for metalliferous ores and metallic scrap, liquefied pure gasoline (LNG) in addition to chemical substances and chemical merchandise, it mentioned.

Overall, greater exports have been seen for petroleum merchandise, electrical and digital (E&E) merchandise, equipment, tools and components in addition to processed meals.

Malaysia’s exports of manufactured items, which constituted 85.4 p.c of complete exports, rebounded by 1.8 p.c year-on-year to 102.18 billion ringgit.

This was on account of elevated exports of petroleum merchandise, E&E merchandise, equipment, tools and components, processed meals in addition to optical and scientific tools.

Meanwhile, exports of mining items (7.7-percent share) rose by 5.9 p.c to 9.26 billion ringgit, buoyed by robust exports of LNG.

Exports of agriculture items (6.2-percent share), nevertheless, shrank by 30.9 p.c to 7.44 billion ringgit, owing primarily to a decrease export worth of palm oil and palm oil-based agriculture merchandise.

In the primary 5 months of 2023, Malaysia’s complete commerce decreased by 1.7 p.c year-on-year to 1.07 trillion ringgit.

Its exports for the interval have been down by 2.3 p.c to 579.39 billion ringgit, whereas imports declined by 1 p.c to 486.96 billion ringgit.

Trade surplus for the interval, then again, edged down by 8.7 p.c to 92.43 billion ringgit. (1 ringgit equals 0.22 U.S. dollar)