Malaysia's exports fell 0.5 per cent year-on-year to about 20.29 billion US dollars (84.05 billion ringgit), official data showed Friday.
The Malaysian International Trade and Industry Ministry said in a statement that agriculture goods exports slumped 10.4 per cent on lower exports of palm oil and palm oil-based agriculture products.
Mining exports also fell 7.4 per cent on lower exports of crude petroleum, said the statement.
Manufactured goods exports, however, rose 1.5 per cent year-on-year on higher exports of petroleum products, optical and scientific equipment, chemicals and chemical products, processed food as well as paper and pulp products.
The country’s trade in March slipped 0.3 per cent year-on-year to $37.11 billion (153.73 billion ringgit), reports Xinhua.
Imports for the month dipped 0.1 per cent to $16.82 billion (69.68 billion ringgit) and trade surplus also contracted 2.2 per cent to about $3.47 billion (14.37 billion ringgit)
Malaysia's trade with China surged 13.6 per cent year-on-year to $6.14 billion (25.44 billion ringgit), with exports jumping 11.8 per cent on higher exports of petroleum products, electrical and electronics products, chemicals and chemical products, liquefied natural gas as well as metalliferous ores and metal scrap.
Malaysia's imports from China also surged 15.1 per cent to $3.32 billion (13.76 billion ringgit).
For the first quarter, Malaysia's total trade declined 1.5 per cent year-on-year to about $105.04 billion (435.16 billion ringgit), with exports and imports falling 0.7 per cent and 2.5 per cent respectively to $56.98 billion (236.05 billion ringgit) and $48.06 billion (199.11 billion ringgit).
Malaysia's trade with China in the first quarter, however, expanded by 4.5 per cent to $17.38 billion (72.02 billion ringgit), with exports to China growing 6.9 per cent and imports from China rising 2.7 per cent.
The Malaysian Industrial Development Finance Berhad said in a report Friday that the moderating pace for the country’s exports is consistent with global commodity prices, an expectation of a slight slowdown in overall business performance on top of the uncertainty over trade conflicts.
Amid higher base effects and continuous signs of easing key global indicators, the research house foresaw exports growth to moderate further at 3.6 per cent this year, from 6.7 per cent last year.
