Malaysia's Exports Decline in November

Malaysia experienced a decline in exports in November, as lower demand for petroleum and electrical products, along with weakening palm-oil prices, dragged down shipments. According to data from the Ministry of Investment, Trade, and Industry, the country's exports dropped by 5.9% compared to the previous year. This decline was sharper than October's 4.4% fall and continued a trend of contractions that began in March.

Imports Show Minimal Growth

On the other hand, imports grew by 1.7% year-on-year in November, resulting in a trade surplus of 12.41 billion ringgit ($2.64 billion). This surplus was slightly lower than October's revised surplus of MYR12.90 billion, which was influenced by a 0.2% decline in imports.

Global Trade Slowdown

The decline in Malaysia's exports aligns with the weaker trade growth observed in key trading partners such as China, Taiwan, and Indonesia during November. Additionally, global imports experienced a general decrease, as noted by the ministry.

Manufacturing Goods Take a Hit

Shipments of manufactured goods, which make up approximately 84% of Malaysia's total exports, declined by 6.7% year-on-year. The most significant drop came from the electrical and electronic products category, which represents around 37% of exports and experienced a 13.8% decline.

Other Affected Categories

The chemicals, palm-oil, and liquefied natural gas categories also recorded decreases. However, petroleum products, which account for 10.9% of total exports, saw an increase of 8.2% year-on-year in November.

Malaysia's export performance in November reflects the broader challenges faced by the global economy. With lower demand for certain products and softer prices, it is essential for Malaysia to closely monitor these trends and adapt its strategies accordingly.

Strong Crude Exports Boost Mining Goods, Agricultural Shipments Decline

In a positive development for Malaysia's trade, strong crude exports have driven exports of mining goods to their highest monthly value this year, reversing a five-month decline, according to recent figures.

However, the shipment of agricultural goods has faced challenges due to sharply weaker palm-oil export prices, leading to a decline of 5.5%.

In November, shipments to China, which accounts for approximately 18% of Malaysia's exports, dropped by 5.0% compared to the previous year. Despite this contraction, certain categories such as paper and pulp products, as well as petroleum condensates, experienced growth, cushioning the overall impact, notes the ministry.

When compared with the previous month, exports in November fell by 3.2%, while imports slid by 3.1%.

On a year-on-year basis, Malaysia's trade surplus for the period between January and November decreased by 11.3%.

Here are the figures detailing Malaysia's trade with its top five export and import partners in November:

Exports Value (MYR Millions) % Change YoY

• Total: 122,101 (-5.9%)
• Singapore: 18,256 (-17%)
• China: 17,218 (-8%)
• USA: 12,945 (-8.5%)
• Japan: 7,292 (-18.3%)
• Hong Kong: 7,322 (-14%)

Imports Value (MYR Millions) % Change YoY

• Total: 109,687 (1.7%)
• China: 23,734 (-2.4%)
• Singapore: 13,303 (23%)
• USA: 9,275 (12.8%)
• Taiwan: 6,670 (-26.4%)
• Japan: 6,197 (-11.9%)