KUALA LUMPUR — The value of Malaysia's exports dropped by 9.7% year-on-year in February, dragged down by lower commodity prices and weak global demand, the government said Friday.
The total value of exports in February declined by 5.7 billion ringgit (US$1.55 billion) to 53.2 billion ringgit from 58.9 billion ringgit for the same period last year, the Department of Statistics said.
The agency noted that while the volume of refined petroleum products exported rose by 0.5% in February, the actual receipts declined by 32.5% due to weak global oil prices. Exports to China, the country's biggest market, declined by 21.3%.
The drop in exports came after a year-on-year fall of 0.6% in January.
Bank Negara Malaysia, the country's central bank, was expecting the country's economy to grow at a slower pace of between 4.5% and 5.5% in 2015. Malaysia's economy grew 6% in 2014.