KUALA LUMPUR: Malaysia recorded negative trade growth in November 2023 with a 2.4% decline in overall trade to RM231.79bil over the same month in 2022.
In a statement, the Ministry of Investment, Trade and Industry (Miti) said exports during the month contracted 5.9% year-on-year (y-o-y) to RM122.1bil while imports grew 1.7% y-o-y to RM109.69bil.
This resulted in a trade surplus of RM12.41bil for the month, which is the lowest surplus recorded since May 2020.
"Malaysia's performance was in tandem with its key trading partners notably Taiwan, China and Indonesia, which posted negative trade growth in November 2023 and a drop in global imports," said Miti.
Malaysia's manufactured goods, which represents the country's largest export, saw shipments contract 6.7% y-o-y to RM102.38bil as lower shipments were recorded for electrical and electronic (E&E) products, chemicals and chemical products as well as transport equipment.
Miti said the export of mining goods expanded 0.5% y-o-y to RM10.46bil after five consetive months of decline driven by strong exports of crude petroleum as well as petroleum condensates and other petroleum oil.
Overseas shipments of agriculture goods, however, declined 5.5% to RM8.39bil compared to November 2022 mainly on lower exports of palm oil and palm oil-based agriculture products that was affected significantly by weaker export prices of palm oil.
Among export destinations, there was a 5.8% y-o-y contraction in shipments to Asean to RM36.41bil, with Singapore leading the decrease.
Exports to China also eased 8.4% to RM17.22bil due to lower exports of E&E products, palm oil and palm oil-based
agriculture products as well as chemicals and chemical products.
Meanwhile, exports to the US shrank 8.5% to RM12.94bil mainly on lower demand for E&E products.
As for imports, the value of incoming shipments rose 1.7% y-o-y to RM109.69bil.
Malaysia's import of intermediate goods declined 5.2% y-o-y to RM56.21bil, while capital goods increased 53.3% y-o-y to RM14.94bil and consumption goods expanded 2.2% y-o-y to RM9.72bil.
