The Malaysian International Trade and Industry (MITI) on July 3 reported a decline in the country’s exports and imports in May from a year earlier.

Accordingly, exports fell 6.7 percent to 60.5 billion RM (16 billion USD) while imports plummeted 7.2 percent to 54.9 billion RM in May, compared to those in May last year.

The decline was attributed to Malaysia’s lower exports to Japan and Australia and the slow demand for liquefied natural gas (LNG) and manufactured exports.

Exports to Japan and Australia dropped two billion RM and 1.1 billion RM, respectively.

The LNG which contributes 4.4 percent of the country’s total export turnover went down 47.9 percent to 2.4 billion RM in the reviewed period.

According to MITI, Malaysia’s trade slightly increased 1.3 percent in May from the previous month, including imports climbed up 2.76 percent.

In the first five months of this year, the country’s trade turnover was over 574 billion RM, a decrease of nearly 3.8 percent from a year earlier. May exports reached 304.08 billion RM, down 4.7 percent.-VNA