KUALA LUMPUR (Mar 6): Malaysia’s exports fell 0.6% to RM63.6 billion in January 2015 from a year earlier on lower sales of crucial products to major importing nations, the Statistics Department said.

In a statement today, the department said the export decline was due to lower sales to China, Indonesia, Australia, New Zealand and South Korea.

The main products contributing to the export decrease were refined petroleum items and liquefied natural gas (LNG) besides palm oil and natural rubber.

Meanwhile, the country's imports shrank 5.3% on-year to RM54.6 billion, mainly due to less intermediate goods purchases.

These goods, which accounted for 60.6% of total imports, fell 3% to RM33.1 billion, according to the department.

Collectively, the country's total trade fell 2.8% to RM118.2 billion from a year earlier.
 
Trade surplus, however, rose 41.8% to RM9 billion.

Malaysia's latest on-year January export and import numbers had come in below market forecasts. The 0.6% on-year export drop came in below analysts' median forecast of a 3% rise, based on a Reuters' survey.

The 5.3% decline in imports was also contrary to a forecasted 2% rise.