KUALA LUMPUR, Dec 7 ― Malaysia's exports in October fell 8.6 per cent from a year earlier, the biggest drop since April 2015, government data showed today.
The government said the drop was “due to the high-base effect of October 2015”.
A Reuters poll had forecast a 5.8 per cent decline for the month's shipments.
October is the second straight month exports fell on an annual basis. In September, they declined 3.0 per cent.
Annual exports of manufactured goods fell by 6.7 per cent in October, data from the International Trade and Industry Ministry showed.
Shipments of mining goods declined 34.8 per cent, due to lower exports of liquefied natural gas and crude oil.
In Malaysia, trade figures are reported in ringgit. The ministry said exports in October amounted to RM69.2 billion, the highest recorded in 2016.
Malaysia's imports in October fell 6.6 per cent from a year earlier, a sharp drop from September's 0.1 per cent decline.
The trade surplus in October widened to RM9.6 billion, from RM7.6 billion the previous month.
Exports to the United States fell 3.5 per cent from a year earlier, while those to Europe declined 12 per cent.
However, annual exports to China increased 3.4 per cent, thanks to higher shipments of electrical and electronic products. ― Reuters
