KUALA LUMPUR (Apr 3): Malaysia's February exports decreased 9.7% to RM53.2 billion from a year earlier as commodity sales to major importing nations fell.
In a statement today, the Statistics Department said the country exported less "vegetable oils and inedible crude materials". Malaysia, a major exporter of palm oil, is also a crude oil net exporter.
According to the department, Malaysia saw fewer exports to countries like China, Indonesia, Japan, Taiwan and South Korea.
Malaysian imports, however, rose 0.4% to RM48.6 billion in February from a year earlier. The increase was mainly due to higher purchases of items like manufactured goods and crude oil.
The February external trade figures compared to January exports and imports' year-on-year (y-o-y) decline of 0.6% and 5.3%, respectively.
February exports fell more than market forecast of a 1.9% y-o-y decline, based on a Reuters survey.
Reuters reported earlier that Malaysia's exports in February probably fell 1.9% from a year earlier as lower energy prices dragged down the value of oil shipments.