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Malaysia's exports drop by RM5.8 billion in eighth monthly decline

Publish date: Wed, 29 Nov 2023, 01:36 PM

Malaysia's total exports plunged further by some RM5.8 billion last month, according to the government's latest statistics.

Total exports in October stood at RM126.2 billion, down by 4.4% from the previous month.

The statistics department also said that total trade stood at RM239.5 billion, down from RM224.4 billion in September.

There was also a slight drop of 0.2% in imports, which totalled RM113.3 billion last month.

Johor, Sarawak, Sabah, Melaka and Negeri Sembilan were the five states with the largest drop in exports.

Meanwhile, Kedah increased its exports by RM745.2 million, Selangor by RM478.6 million, Terengganu by RM281.5 million, Pahang by RM94.2 million, Penang by RM67.3 million, Perak by RM60.6 million and Kelantan by RM23.3 million.

This is the eighth month that Malaysia has seen a decline in exports.

Previously, the statistics department said the economy showed its lowest growth in almost two years, at 2.9% in the second quarter of this year. It attributed this to lower exports, among other factors.

This was also behind a forecast by Reuters of a 3.3% growth in the period between April and June.

Reuters quoted economists today as saying that the government's target of reaching growth of 4% to 5% would be hard to attain.

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