Malaysia January Exports Slide 27.8%

Posted on The Edge.

• January exports slide 27.8% to RM38b
  Written by Joe Chin
  Friday, 06 March 2009 12:38
  
  KUALA LUMPUR: Malaysia's exports slid 27.8% in January to RM38.3 billion from RM53.04 billion a year ago as electrical and electronic (E&E) and crude petroleum exports fell.
  
  The Department of Statistics said on March 6 that total imports fell by 32% to RM29.47 billion from RM43.31 billion a year ago.
  
  "Month-on-month, exports decreased by 16.9% from December 2008, while imports were lower by 14.7%. The performance in January was in tandem with countries that had announced their January trade figures," the department said.
  
  According to its data, E&E exports fell sharply to RM13.59 billion from RM20.98 billion while crude petroleum exports fell to RM1.81 billion from RM3.47 billion and petroleum products to RM959 million from RM2.37 billion.
  
  The 27.8% decline in January exports, when compared with a year ago, was worse than expected as a Bloomberg news survey of 16 economists was a 22.4% decline.
  
  Exports to Asean, valued at RM9.18 billion or 24% of Malaysia's total exports in January fell by 38.1% on-year.
  
  The decline was due to lower exports of E&E products, refined petroleum products, chemicals and chemical products, machinery appliances and parts, manufactures of metal, crude petroleum as well as iron and steel products.
  
  Economists believe the country cannot avoid a recession due to shrinking exports as major markets were also facing a contraction in their economies. In the fourth quarter of last year, Malaysia's GDP grew at only 0.1% while manufacturing shrank for the first time in 28 quarters.