Malaysia's exports, the mainstay of the economy, fell 22.6 percent year on year in June, official data showed today. The trade ministry said in a statement that shipments slumped to RM45.1 billion year-on-year while imports fell 20.8 percent to RM35.99 billion.
Total trade from January to June was worth RM250.53 billion, a decrease of 23.4 percent from a year ago, but Malaysia did manage to record a trade surplus of RM59.23 billion in that period.
However, the latest exports figures showed a recovery from April's 26.3 percent fall and the 29.7 percent dive recorded in May, which was the lowest since 2001. FDI in free fall
"Manufactured exports in June 2009 increased by 2.5 percent compared with the preceding month," the ministry said in the statement.
"This was due mainly to higher exports of electrical and electronic products, machinery, appliances and parts, optical and scientific equipment, chemicals and chemical products as well as manufactures of metal," it added.
Electrical and electronic products account for one-third of Malaysia's total exports to key markets in China, Japan, Thailand, Europe and the United States.
The government has said the export-dependent economy is likely to contract by 4.0-5.0 percent this year due to the drop-off in exports and manufacturing caused by the global economic slump.
Foreign investment has also seen a big dip this year, with foreign direct investment for the first five months stood at RM4.2 billion compared to RM46 billion in 2008. (Reported by MKini)