January exports down 2.8% to nearly RM62bil - Business News | The Star Online


January exports down 2.8% to nearly RM62bil

KUALA LUMPUR: Malaysia’s January 2016 exports fell 2.8% to RM61.9bil from a year ago, which was a disappointment when compared with a survey of a 2.5% increase.

The Statistics Department said yesterday that on a month-on-month basis, exports also fell by RM6.4bil (-9.4%) from RM68.3bil.

“In seasonally adjusted terms, exports decreased 7.4%,” it said.

The department said the drop was due to the decline in exports to Japan (-RM1.9bil), South Korea (-RM752.0mil), Taiwan (-RM512.6mil), Australia (-RM454.3mil) and Hong Kong (-RM346.8mil).

The decline in exports were due to liquefied natural gas (LNG) and crude petroleum although there was an increase in electrical and electronic (E&E) products and palm oil and palm-based products.

It said total January imports rose 3.3% to RM56.5bil from a year ago, below the survey of a 4.9% increase. The increase in imports was attributed to intermediate and consumption goods.

export , Statistics Department