Which key markets contributed to the 4.6% decline in total trade in August?

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Key Markets Contributing to August's Total Trade Decline Identified

Malaysia's total trade experienced a 4.6% decrease in August 2020, amounting to RM145.06 billion, with specific markets showing reduced trade activity. This overall contraction was influenced by lower trade volumes with countries including Thailand, Bangladesh, Indonesia, and Japan. Conversely, trade with the United States, China, and Saudi Arabia registered an increase during the same period.
Trade Contractions with Specific Asian Nations

The decline in total trade was notably influenced by reduced commercial activity with several key Asian trading partners. Specifically, trade with Thailand, Bangladesh, Indonesia, and Japan recorded a decrease. While the precise financial impact of each country's reduced trade is not detailed, their collective lower volumes contributed to the overall 4.6% contraction observed in August 2020 compared to the previous year.
Increased Trade with Major Global Partners

In contrast to the declining trade with certain nations, Malaysia saw an uptick in trade with significant global economies. Trade with the United States, China, and Saudi Arabia demonstrated growth during August 2020. These increases, however, were not substantial enough to offset the overall decline in total trade for the month.
Overall Trade Performance in August 2020

August 2020 saw Malaysia's exports fall by 2.9% to RM79.14 billion and imports decrease by 6.5% to RM65.92 billion. This resulted in a trade surplus that grew by 19.7% to RM13.23 billion, marking the seventh consecutive month the surplus exceeded RM10 billion. Despite the surplus growth, the reduction in both exports and imports led to the overall decrease in total trade value.

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Which key markets contributed to the 4.6% decline in total trade in August?

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