Malaysia's Exports Fell Again in November

By Fabiana Negrin Ochoa

KUALA LUMPUR--Malaysia's exports declined again in November as shipments of petroleum and electrical products were dragged by lower demand, and as palm-oil prices weakened.

The Southeast Asian country's exports last month dropped 5.9% from a year earlier, according to data from the Ministry of Investment, Trade and Industry. That was sharper than October's 4.4% fall and extended a run of contractions that began in March.

Imports grew by 1.7% on year in November, Tuesday's data showed, resulting in a trade surplus of 12.41 billion ringgit ($2.64 billion). That compared with a revised MYR12.90 billion surplus in October, when imports shrank 0.2%.

November's print was in line with that of Malaysia's key trading partners--notably China, Taiwan and Indonesia--which had weaker trade growth during the month, as well as a fall in global imports, the ministry said.

Shipments of manufactured goods, which represent about 84% of total exports, fell 6.7% on year, the data showed. The decline was driven by a 13.8% drop in electrical and electronic products, which make up around 37% of exports.

Falls were recorded in the chemicals, palm-oil and liquefied natural gas categories as well. However, petroleum products, which have a 10.9% share of total exports, rose 8.2% on year in November, the ministry said.

Strong crude exports spurred exports of mining goods to their highest monthly value in the year to date, snapping five months of declines, the figures showed.

Sharply weaker palm-oil export prices weighed on shipments of agricultural goods, which fell 5.5%.

Shipments to China, which make up about 18% of Malaysia's exports, fell 5.0% on year in November. The contraction was softened by growth in some categories like paper and pulp products, and petroleum condensates, the ministry said.

Compared with the previous month, exports fell 3.2% in November and imports slid 3.1%.

For January to November, Malaysia's trade surplus was down 11.3% on year.

Below are the figures for Malaysia's trade with its five largest export and import trading partners in November:

 
Exports     Value (MYR Millions)   % Change YoY 
Total                    122,101           -5.9 
Singapore                 18,256            -17 
China                     17,218             -8 
USA                       12,945           -8.5 
Japan                      7,292          -18.3 
Hong Kong                  7,322            -14 
Imports     Value (MYR Millions)   % Change YoY 
Total                    109,687            1.7 
China                     23,734           -2.4 
Singapore                 13,303             23 
USA                        9,275           12.8 
Taiwan                     6,670          -26.4 
Japan                      6,197          -11.9 
 

Write to Fabiana Negrin Ochoa at [e-mail]

(END) Dow Jones Newswires

12-18-23 2314ET