May exports down 25.5pct year-on-year, trade surplus restored
Malaysia's international trade numbers were still on a downward trajectory as of May, albeit having moved back into trade surplus territory.
Combined imports and exports in May were 27.8 percent below levels recorded in the same month last year. Exports were down 25.5 percent while imports were down 30.4 percent.
Malaysia's international trade numbers were still on a downward trajectory as of May, albeit having moved back into trade surplus territory.
Combined imports and exports in May were 27.8 percent below levels recorded in the same month last year. Exports were down 25.5 percent while imports were down 30.4 percent.
Overall, January to May trade numbers were down 8.7 percent compared to the same period last year.
The Department of Statistics Malaysia noted that May saw lower exports to the nation's top trading partners such as India, Singapore, Thailand, Japan, the European Union, and Vietnam. However, exports to China saw a slight uptick.
The worst-hit sectors were the petrochemical, chemical, machinery parts, and metal industries. Manufactured goods constituted 86.5 percent of total exports.
According to the International Trade and Industry Ministry (Miti), exports of rubber products saw double-digit growth for two consecutive months.
On Malaysia's declining trade numbers, Miti said Malaysia's situation was not unique.
"The performance was similar in other regional countries, which recorded lower trade growth for May 2020 due to the Covid-19 pandemic that continued to slow economic activities globally," said the ministry in a statement.
However, after registering a RM3.6 billion trade deficit in April, Malaysia is back in surplus territory, exporting goods and services worth RM10.4 billion more than imports.
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