Malaysia’s exports and imports fall in Oct y-o-y

According to the Department of Statistics, Malaysia’s exports and imports fell in October on a yearly basis, surpassing the earlier estimations.

The data showed that the country’s exports declined by 8.6% on an annual basis in October, which was larger than the economists’ forecasts of a 5.6% decrease. However, on a monthly basis, exports increased by 1.7% in October.

Meanwhile, imports decreased by 6.6% year-on-year in October, which was a lot higher than the estimates which called for a small decrease of 0.1%. Imports were also down by 1.7% month-on-month.

Data showed that shipments of LNG plunged by 40.2% in October on a yearly basis while shipments of crude petroleum dropped by 27.9%. However, exports of electrical and electronic products increased by 1.7%.