Reuters reported that the contraction was sharper than the 19.9% drop forecast by analysts, and the lowest since May 2009 when exports tumbled 29.5%. In April, shipments had fallen 23.8% year-on-year.

“The performance was similar in other regional countries, which recorded lower trade growth for May 2020 due to the Covid-19 pandemic that continued to slow economic activities globally,” Reuters quoted the international trade and industry ministry as saying in a statement today.

The ministry said imports in May also shrank by 30.4% from a year earlier, slowing sharply from the 8% drop recorded in April. Analysts had expected a fall of 19.8%.

Malaysia’s trade balance returned to a surplus of RM10.4 billion in May, rebounding from the RM3.5 billion deficit in April, the ministry said.

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