KUALA LUMPUR- Malaysia’s exports in January dropped 1.5 percent from a year earlier, contracting after a surprise rebound in the previous month, on weak demand for mining goods, government data showed.
The decline was marginally better than the 1.6 percent fall forecast by analysts surveyed in a Reuters poll. Exports in December grew 2.7 percent after four months of contraction.
Shipments of manufactured goods, which accounted for 84.4 percent of January’s total exports, grew 1.1 percent on-year, with increased demand for steel and rubber products and machinery, equipment and parts, data from the international trade and industry ministry showed.
Mining and agricultural exports declined on lower shipments of liquefied natural gas, sawn timber and moulding.
Exports to most major markets, including Southeast Asia, China, Hong Kong and Japan, declined, though shipments to the United States grew 9.5 percent.
Imports fell 2.4 percent from a year earlier, after a 0.9 percent rise in December. Analysts had expected an 1.8 percent drop.
The country reports trade data in ringgit.
The trade surplus in January narrowed slightly to 12 billion ringgit ($2.87 billion) from 12.6 billion ringgit in the previous month. — Reuters
