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Malaysia's exports slumped 14.9 percent year on
year in December, as demand from China, Europe
and the United States declined sharply,
according to official data released Thursday.
MCPX Imports crashed 23.1 percent as consumers
reined in spending due to a looming recession,
which the government is attempting to fend off
with a 2.0 billion dollar stimulus package,
while a second is in the works.
The Trade Ministry said that in December total
trade was worth RM80.51 billion (US$22.34
billion), a fall of 18.6 percent from a year
ago.
However, Malaysia recorded a trade surplus of
US$11.67 billion in the month, continuing an
unbroken series of surpluses since November
1997.
The exports contraction was much sharper than
expected, and was mostly due to falling demand
for electrical and electronics goods, which
account for nearly half of all exports. The
sector fell 25.6 percent from a year ago.
Chemical and chemical products exports dropped
28 percent while palm oil exports eased 6.1
percent.
For 2008, Malaysia's total trade reached RM1.185
trillion, an increase of 6.8 percent over 2007.
Exports rose by 9.6 percent to RM663.51 billion
while imports increased 3.3 percent to RM521.5
billion.
Malaysian exports fell 4.9 percent in November
and 2.6 percent in October.
In December, exports to the US dropped to RM5.5
billion from RM7.88 billion a year ago, "due
mainly to a decline in exports of electrical and
electronic products", the Trade Ministry said in
a statement.
Lower exports to Europe, which fell to RM5.42
billion from RM6.55 billion, were also blamed on
lack of demand for electronics and electronic
products, "as well as chemicals and chemical
products".
China exports slumped to RM3.68 billion from
RM5.24 billion with a decline in demand for a
large range of products including electricals,
palm oil, crude rubber and rubber products, and
refined and crude petroleum.
Source:
AFP
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