Malaysia's exports slip 0.8 pct on year in March on lower E&E exports-Xinhua

Malaysia's exports slip 0.8 pct on year in March on lower E&E exports

Source: Xinhua

Editor: huaxia

2024-04-19 19:03:45

KUALA LUMPUR, April 19 (Xinhua) -- Malaysia's exports slipped 0.8 percent year on year to 128.64 billion ringgit (26.9 billion U.S. dollars) in March, dragged by lower electrical and electronics (E&E) shipments, official data showed Friday.

The Ministry of Investment, Trade and Industry (MITI) said in a statement that E&E products, valued at 49.77 billion ringgit and accounted for 38.7 percent of the country's total exports, decreased by 1.5 percent compared to March 2023.

"As a highly open economy, Malaysia will also be impacted by global developments. As such, MITI will remain vigilant to ensure that risks to trade growth and investment inflows are properly monitored and mitigated," it said.

Meanwhile, Malaysia's imports in March rose 12.5 percent year on year to 115.83 billion ringgit. Total trade for the month also grew 5.1 percent year on year to 224.47 billion ringgit. This resulted in a trade surplus of 12.81 billion ringgit for the month.

As for the first quarter, Malaysia's exports increased by 2.2 percent year on year to 362.41 billion ringgit, on the back of higher exports of manufactured and mining goods.

Imports for the quarter also recorded double-digit growth of 13.1 percent to 328.19 billion ringgit due to robust imports of capital and intermediate goods meant for the manufacturing of products for exports.

Overall, Malaysia's total trade for the quarter grew 7.1 percent year on year to 690.59 billion ringgit. (1 ringgit equals 0.21 U.S. dollar)