Malaysia’s exports to China drop

Illustrative photo (Photo: The Star Online)

Kuala Lumpur (VNA) – Exports of Malaysia to China decreased 7.2 percent year-on-year in the first 10 months, Malaysia’s External Trade Development Corporation said on December 16.

On the contrary, the country’s imports from China rose 7.9 percent, hitting 114.25 billion MYR (25.5 billion USD). Total two-way trade of the two countries slightly increased 1.2 percent to 191.65 billion MYR (nearly 43 billion USD).

Malaysia’s trade deficit with China climbed from 22.51 billion MYR (5.03 billion USD) of last year to 36.84 billion MYR (8.2 billion USD).

Malaysia’s exports to China are mainly electric and electronic devices with 42.7 percent, followed by chemicals with 10.4 percent, oil and gas with 10.2 percent and palm oil with 6 percent.

National news agency Bernama quoted Deputy Minister of International Trade and Industry Chua Tee Yong as saying that falling prices, especially that of oil and gas, were the main reason behind the decline of exports to China, and also a challenge to Malaysia’s trade.

However, he expressed belief that the recent visit of Prime Minister Najib Razak to China will help improve the trade balance between the two countries.-VNA