KUALA LUMPUR: Malaysia's exports in May plunged 25.5% from a year earlier, its worst performance in more than a decade, amid a global slowdown caused by the Covid-19 pandemic, government data showed on Monday.
The contraction was sharper than the 19.9% drop forecast by analysts surveyed in a poll and the lowest since May 2009 when exports tumbled 29.5%. In April, shipments had fallen 23.8% year-on-year.
"The performance was similar in other regional countries, which recorded lower trade growth for May 2020 due to the Covid-19 pandemic that continued to slow economic activities globally," the International Trade and Industry Ministry said in a statement.
Imports in May shrank by 30.4% from a year earlier, slowing sharply from the 8% drop recorded in April, data from the ministry showed. Analysts had expected a fall of 19.8%.
Malaysia's trade balance returned to a surplus of RM10.4 bil in May, rebounding from the RM3.5 bil deficit in April. - June 29, 2020, Reuters