According to the Ministry of Investment, Trade and Industry , the decline in trade value was owing to a 14.1% drop in exports to RM123.98bil and 18.9% contraction in imports to RM98.16bil.
Malaysia's trade surplus in June however was 11.3% higher than in the same month in 2022 at RM25.81bil. For the entire second quarter of 2023, trade was down 11.3% year-on-year to RM643.22bil, with export value falling 11.1% to RM348.68bil, imports dropping 11.5% to RM294.54bil and trade surplus shrinking 8.8% to RM54.14bil.
By product segment, exports of manufactured goods in June fell 9.5% y-o-y to RM108.78bil on lower exports of petroleum products, palm oil-based manufactured products as well as chemicals and chemical products.
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