KUALA LUMPUR (Dec 5): Malaysian exports fell 3.1% to RM65.1 billion in October from a year earlier on lower sales of crucial electrical and electronic (E&E) products, as well as petroleum and oil palm-based items.

According to a statement by the Statistics Department on its website today, sales of E&E fell 4.5% while that of petroleum products stumbled 19.1% due to lower export volume and average unit value. Oil palm-based goods declined 2.4%.

According to the statement, exports also fell on lower sales of natural rubber and timber products.

Meanwhile, the country's imports increased 9.1% on year to RM63.9 bilion, also above forecasts which expected a fall of 1.3 percent.

Import growth came on higher purchases of intermediate and consumption goods.

October total trade grew 2.6% to RM129 billion while trade surplus narrowed to RM1.2 billion

Reuters earlier reported that Malaysia's October exports likely fell 1.6% from a year earlier as prices of oil and other commodities skidded, based on a median forecast of 12 economists polled by the news agency.