Malaysia's Exports Down 2.9 Pct In August
Faizan Hashmi Published September 28, 2020 | 01:40 PM
Malaysia's exports fell 2.9 percent year-on-year to 79.14 billion ringgit (about 19 billion U.S. dollars) in August due to lower shipment in all sectors
KUALA LUMPUR, (UrduPoint / Pakistan Point News - 28th Sep, 2020 ) :Malaysia's exports fell 2.9 percent year-on-year to 79.14 billion Ringgit (about 19 billion U.S. Dollars) in August due to lower shipment in all sectors.
Malaysia International Trade and Industry Ministry said in a statement that exports of manufactured goods in August fell 0.1 percent, due mainly to lower exports of manufactures of metal and chemicals and chemical products.
Exports of agriculture goods decreased by 4.5 percent, mainly on lower exports of sawn timber and moulding as well as natural rubber.
Exports of mining goods also dropped by 25.9 percent over lower exports of liquefied natural gas.
Total trade decreased by 4.6 percent to 145.06 billion ringgit (34.8 billion U.S. dollars) in August, with imports slipping by 6.5 percent to 65.92 billion ringgit(15.81 billion U.S. dollars).
Meanwhile, Malaysia's trade with China increased by 4.
3 percent year-on-year to 27.7 billion ringgit (6.65 billion U.S. dollars).
Exports to China sustained double-digit growth for three consecutive months, surging by 20.9 percent to 13.97 billion ringgit (3.35 billion U.S. dollars). This was boosted mainly by higher exports of electronics and electrical (E&E) products, iron and steel products as well as other manufactures.
Socio-economic research center executive director Lee Heng Guie said, the export performance in August showed still uneven exports recovery ahead on concerns about the pace and strength of the economies of Malaysia's major trading partners.
"By sector, demand of the electronics and electrical products industry still resilient, supported by demand of chips and data solutions under the COVID-19 environment," he said.
He also anticipated Malaysia's exports to contract 5 percent in 2020.
Related Topics
Recent Stories
SC orders end of encroachments in Karachi
Nazish Jahangir denies viral screenshots, calls them fake
Govt likely to hike electricity price once again
Bismah Maroof announces immediate retirement from international cricket
Malala expresses unwavering support for Gaza people
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
More Stories From Business
-
London stocks hit new record on blockbuster mining takeover bid
17 seconds ago -
Sialkot University, Ministry of Climate Change, Ethiopian embassy host business forum
20 minutes ago -
Govt likely to hike electricity price once again
2 hours ago -
Mining giant BHP launches bid to take over rival Anglo American
2 hours ago -
Gold rates up by Rs500 per tola to Rs242,500
4 hours ago -
Tokyo stocks end lower after Meta results
4 hours ago
-
EXCHANGE RATES FOR CURRENCY NOTES
5 hours ago -
Foreign exchange rates
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
7 hours ago -
Today Gold Rate in Pakistan 25 April 2024
7 hours ago -
Meta profits soar but costs of AI cause worry
8 hours ago -
Mired in crisis, Boeing reports another loss
16 hours ago