Malaysia's exports declined 2.9 percent in March from a year ago, reflecting lower shipment of palm oil and electrical and electronic products, data from the Department of Statistics revealed Wednesday.
Overall exports were forecast to fall 1.5 percent in March. Lower exports was recorded to Australia, Taiwan, the USA and Japan, the statistical office said.
On the other hand, imports advanced 7 percent annually due to higher demand for capital and intermediate goods. But imports of consumption goods were lower by 2.3 percent. The annual growth in imports far exceeded the 1.5 percent rise forecast by economists.
The trade balance showed a surplus of MYR 5.08 billion in March, smaller than the expected surplus of MYR 8.51 billion.
In the first quarter, exports declined 2.4 percent to MYR 169.47 billion, while imports expanded 6.2 percent to MYR 152.91 billion. As a result, the trade surplus totaled MYR 16.55 billion for the period.
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