Malaysia's exports declined sharply at a faster-than-expected pace in February, largely reflecting lower shipments to China, Japan and the U.S.A., data from the Department of Statistics showed Friday.
Exports were down 7.7 percent from the previous year, faster than the 4.8 percent fall expected by economists. Shorter working days as well as the festive season contributed to lower exports in February.
Exports to Japan and China fell 7.5 percent and 15.8 percent, respectively. Similarly, exports to the U.S.A. were down by 10.8 percent.
At the same time, total imports dropped 4.4 percent, confounding expectations for a 3.5 percent rise. The trade balance showed a surplus of MYR 8.2 billion compared to the consensus forecast of MYR 5 billion.
During January to February, exports declined by 2.2 percent to MYR 109.45 billion, while imports expanded by 5.8 percent to MYR 97.98 billion. The trade surplus of MYR 11.47 billion was recorded for the period, it said.
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