Posted on 08 Jan 2009
The median estimate in a Bloomberg News survey of 11 economists had been for a 5.7% decline.
On a month-on-month basis, exports dropped by 3.1% from October.
The country recorded a trade surplus of RM11.49bil in November 2008, making it the 133rd month in a row of trade surpluses.
“Major product sectors which contributed to the decline in exports were E&E, refined petroleum, palm oil, chemicals and chemical products; crude rubber as well as iron and steel products,” according to the Statistics Department.
November exports of E&E fell to RM20.53bil from RM22.97bil in the same month in 2007, refined petroleum products dropped to RM1.7bil from RM2.48bil in November 2007, palm oil was lower to RM2.9bil from RM3.58bil previously, while chemicals and chemical products was at RM2.52bil from RM3.1bil.
Singapore, Japan, the US, China and South Korea were the top five export destinations, making up 52.3% of Malaysia’s total exports in November 2008.
Exports to Asean made up RM12.8bil or 24.7% of
Imports in November 2008 went down 8.6% to RM40.29bil with E&E making up RM14.82bil or 36.8% or total imports; machinery, appliances and parts made up RM3.75bil or 9.3%; and chemical and chemical products were RM3.01bil or 7.5%.
In the period from January to November 2008, total trade rose 9.2% to RM1.105 trillion, contributing to a trade surplus of RM130.33bil.
For the first 11 months of last year, total exports rose 12.1% to RM617.42bil and imports rose 5.9% to RM487.1bil compared with the same period in 2007.
The Statistics Department said exports expanded significantly in the first 11 months, especially to
