May exports at RM42.95b, down 29.7% on-year - The Edge

May exports at RM42.95b, down 29.7% on-year
Written by Joseph Chin
Friday, 03 July 2009 20:15
Source: http://www.theedgemalaysia.com/business-news/17903-may-exports-at-rm4295b-down-297-on-year.html

KUALA LUMPUR: Malaysia’s exports in May 2009 totalled RM42.95 billion, down 29.7% from a year ago, as exports to the US shrank following lower shipments of electrical and electronic (E&E) products.

The Statistics Department said on July 3 exports rose 4.5% on-month from April due to higher exports of E&E, iron and steel products, non-metallic mineral products, transport equipment, chemicals and chemical products, wood products as well as processed food.

Imports fell 27.8% on-year to RM32.93 billion and also declined by 2.3% on-month. May’s total trade was RM75.88 billion, which a decline of 28.9% from a year ago but up 1.4% from a month ago.

There was a trade surplus of RM10.02 billion in May, the 139th consecutive monthly trade surplus since November 1997.

The department said exports of manufactured products increased by 4.1% compared with April. Major export products were E&E products valued at RM17.79 billion or 41.4% of total exports; palm oil (RM3.03 billion or 7% of total exports); chemicals and chemical products (RM2.75 billion or 6.4%).

Crude petroleum (RM1.88 billion or 4.4%); liquefied natural gas (RM1.7 billion or 4%); refined petroleum products (RM1.56 billion or 3.6%); machinery, appliances & parts (RM1.44 billion or 3.4%); wood products (RM1.15 billion or 2.7%; manufactures of metal (RM1.12 billion or 2.6%); and rubber products (RM1.01 billion or 2.3%).

May exports to the US fell to RM4.94 billion from RM7.85 billion a year ago, mainly due to lower export of E&E products.

Exports of E&E products to the USA increased by 7.7% compared with April 2009. However, against May 2008, it fell 39.8%.

Exports to the European Union (EU) were valued at RM4.66 billion, compared with RM6.41 billion in May 2008. This was due to lower exports of E&E products, machinery, appliances and parts as well as crude rubber.

Exports to Japan amounted to RM3.46 billion compared with RM5.58 billion in May 2008, on account of lower exports of LNG, refined petroleum products, E&E products, wood products and palm oil.

Total imports in May 2009 fell 27.8% to RM32.93 billion from a year ago, due mainly to the decline in imports of intermediate goods.

The bulk of the imports were intermediate goods (RM22.62 billion or 68.7% of total imports); capital goods (RM4.79 billion or 14.6%)and consumption goods (RM2.41 billion or 7.3%).
During the January-May period, total exports rose 14.6% to RM268.18 billion. Exports to China grew 33.1%; Australia 27.7%; Japan 24.3%; India 18.8%; and Singapore, 17.5%. Total exports to ASEAN were RM52.07 billion or 25.3% of Malaysia’s total exports in the January-May period.

Total imports during January to May fell by 27.4% to RM155.33 billion. Intermediate goods accounted for RM104.74 billion or 67.4% of total imports, down 32.4% from a year ago. Capital goods accounted for RM25.02 billion or 16.1% of total imports, which was a decrease of 12.7%; and consumption goods (RM12.03 billion or 7.7% of total imports), down 6.6%.