Financial News: Malaysia's Trade Surplus Shrinks Sharply To MYR 12.8

Malaysia's Trade Surplus Shrinks Sharply To MYR 12.8 Bln, Exports Plunge 17.4%

05/19/2023 - 06:46:00 (RTTNews)

(RTTNews) - The Malaysian trade surplus decreased notably in April as exports fell faster than imports, data from the statistical office showed on Friday.

The trade surplus shrank to MYR 12.8 billion in April from MYR 23.4 billion in the same month last year. In March, the trade surplus was MYR 26.7 billion.

Exports slumped 17.4 percent yearly in April, after a 1.4 percent fall in the previous month.

The decline in shipments was mainly driven by lower domestic exports, which fell 22.3 percent from last year. On the other hand, re-exports showed a growth of 3.8 percent.

Imports also fell at a faster pace of 11.1 percent annually in April, following a 1.8 percent decrease in the previous month.

On a seasonally adjusted basis, both exports and imports contracted by 16.3 percent and 11.4 percent, respectively, from a month earlier.

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