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Financial News: Malaysia Exports Decline At Fastest Pace Since 2009

Malaysia Exports Decline At Fastest Pace Since 2009

06/04/2020 - 02:08:00 (RTTNews)

(RTTNews) - Malaysia's exports logged its biggest decline since the global financial crisis in 2009, data from the Department of Statistics showed on Thursday.

Exports fell 23.8 percent year-on-year to MYR 64.9 billion in April. Economists had expected a 15.1 percent decline. This was the largest decline since September 2009.

The latest decline was due to the shutdown of most of the sectors of national economies since March 18, to control the spread of Covid-19 pandemic, the agency said.

Imports declined 8.0 percent annually to MYR 68.4 billion in April. Economists had forecast a fall of 14.4 percent.

As a result, the trade balance registered a deficit of MYR 3.5 billion in April. This was the first trade deficit since October 1997.

On a monthly basis, exports declined by a seasonally adjusted 15.4 percent in April, while imports rose 4.9 percent.

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