Malaysia's exports down 27.8pc in January
Saturday, 7 March 2009
KUALA LUMPUR, Mar 6 (AFP): Malaysia's January exports plunged 27.8 per cent year-on-year, hitting their lowest level since 2001 amid falling demand from key trading partners, according to official data released Friday.
The trade ministry said in a statement that exports fell to 38.3 billion ringgit (US$ 10.28 billion) from a year ago while imports slumped 32 per cent year- on-year in January.
The total trade was worth 67.77 billion ringgit, a decrease of 29.7 per cent from a year ago, but Malaysia did manage to record a trade surplus of 8.83 billion ringgit for the month.
Ratings agency RAM Holdings chief economist Yeah Kim Leng said the decline in exports was the sharpest drop in eight years.
"This is the worst since the 25 per cent decline in the exports for electrical and electronic products in 2001 during the global IT slump," he said.
"The sharp contraction is the result from both a sharp drop in demand and lower prices. Malaysia is now feeling the brunt of the global slump in exports," he said.
The trade ministry said the sharp fall in exports was mostly due to lower demand for electrical and electronic products, which account for one-third of Malaysia's total exports to key markets in China, Japan, Europe and the United States.
In December, Malaysian exports slumped 14.9 per cent, compared with just 4.9 per cent in November.
The trade ministry said in a statement that exports fell to 38.3 billion ringgit (US$ 10.28 billion) from a year ago while imports slumped 32 per cent year- on-year in January.
The total trade was worth 67.77 billion ringgit, a decrease of 29.7 per cent from a year ago, but Malaysia did manage to record a trade surplus of 8.83 billion ringgit for the month.
Ratings agency RAM Holdings chief economist Yeah Kim Leng said the decline in exports was the sharpest drop in eight years.
"This is the worst since the 25 per cent decline in the exports for electrical and electronic products in 2001 during the global IT slump," he said.
"The sharp contraction is the result from both a sharp drop in demand and lower prices. Malaysia is now feeling the brunt of the global slump in exports," he said.
The trade ministry said the sharp fall in exports was mostly due to lower demand for electrical and electronic products, which account for one-third of Malaysia's total exports to key markets in China, Japan, Europe and the United States.
In December, Malaysian exports slumped 14.9 per cent, compared with just 4.9 per cent in November.