By Yantoultra Ngui
KUALA LUMPUR, Malaysia--Malaysia's exports fell in September at a faster-than-expected pace as shipments of manufactured and mining goods dropped, official data showed Friday.
Exports declined 3.0% from a year earlier, missing the 1.8% contraction forecast by seven economists surveyed by The Wall Street Journal. In August, exports climbed 1.5% from the previous year thanks to a rise in shipments of electrical and electronic goods, according to Malaysia's ministry of international trade and industry.
Malaysia, which has been grappling with softer prices for its oil and gas exports since mid-2014, said in August that its economic expansion in the second quarter ended June was the slowest in almost seven years, as net exports declined.
In July, the nation's central bank unexpectedly cut interest rates for the first time in seven years in a bid to maintain economic stability.
Imports edged down 0.1% in September from a year earlier, weighed on by a drop in imports of capital and consumption goods, according to the latest data. The surveyed economists had predicted a 0.9% decline. Imports in August jumped 4.9% from a year ago.
The trade surplus shrank to 7.56 billion ringgit ($1.81 billion) in September from MYR8.5 billion a month earlier. The economists had expected a trade surplus of MYR8.2 billion.
Write to Yantoultra Ngui at email@example.com
(END) Dow Jones Newswires
November 04, 2016 00:16 ET (04:16 GMT)
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