Friday February 13, 2009

Malaysia exports to US drop 30% in Dec 2008 as exports fall most in 7 years

bloomberg.com :

Malaysia's exports fell the most in almost 7 years in Dec 2008 as electronics and commodities sales slid amid dwindling global orders. Overseas shipments dropped 14.9% from a year earlier to 46.1 billion ringgit ($12.8 billion), the trade ministry said today [12 Feb 2009]. Malaysia expects 2009 growth to slow to an 8-year low as the global recession hurts demand for made-in-Asia products such as Dell computers and Intel chips.

Asia's export-dependent economies including Taiwan and South Korea have posted record declines in shipments abroad. Singapore, Japan and the US, Malaysia's biggest overseas markets, are all in recession. Malaysia's exports to the US dropped 30% to 5.5 billion ringgit in December from a year earlier amid a decline in electrical and electronics shipments. Shipments of electrical and electronics goods slid 26% from a year earlier.

- Contrary to what some of their own people may have been thinking, Malaysia is hardly immune to the ongoing global economic collapse itself. Yes, it has its domestic market, it has its commodities and natural resources including palm oil, but it still has exposure via the faltering electronics industry through places such as the Dell and Intel plants in Penang, the latter of which were recently reported to be shut down. Its main trading partners, the US, Singapore, Japan and China, which together make up 50% of its total trade, are all in trouble.

This is a global depression. And there is no such thing as an economy running by itself in isolation. The only places that are not affected are places with not much of an economy to speak of. Places such as Tuvalu, the Arctic, and Antarctica. Yes, I've checked. Not much in the way of exceptions.

See also :

1. Singapore NODX non-oil domestic exports fall 10.5% in June 2008
2. Singapore recession deepens as NODX (non-oil domestic exports) fall 20.8% in Dec 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse

(2009-02-13 00:52:29 SGT) [Biz] Permalink

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