Published February 24, 2009

Exports may fall this year: KL minister

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(KUALA LUMPUR) Malaysia's exports could fall 3 to 4 per cent this year from 2008, a top minister said yesterday, as the global economic slowdown pushes down demand for the country's products.

'The best could be 0.5 per cent (rise). We fear that it might be a minus range of 3 to 4 per cent,' International Trade and Industry Minister Muhyiddin Yassin told reporters.

Exports fell 14.9 per cent from a year earlier in December, the biggest monthly fall in seven years, according to the latest data.

In 2008, Malaysian exports grew 9.6 per cent.

Malaysian exports and industrial production have been severely hit by collapsing demand for electronics in key markets, like the United States, and falling commodity prices.

Electronics account for nearly 40 per cent of Malaysian exports while palm and crude oil account for nearly a fifth.

Many economists expect a double-digit decline in Malaysian exports this year, mirroring the rest of the region, with global demand not expected to rebound anytime soon. -- Reuters