Malaysia exports to rebound by year-end: trade minister

“We think by year end export prospects will improve as a result of early signs of recovery in America and China,” International Trade and Industry Minister Mustapa Mohamed told reporters. “This will hopefully pull us out.”

“The last five or six months, we've gone through a very difficult period.”

Malaysia, where total trade accounts for more than twice the nation's gross domestic product, said Wednesday that exports fell 23 percent in June from a year earlier. The government expects GDP to shrink up to 5 percent this year, and is calculating next year's growth target, Mustapa said.

Exports in June rose a seasonally adjusted 5.1 percent from May, and Mustapa said there was some evidence of a pickup in demand for electronics exports.

Mustapa said the government is mulling ways to boost domestic consumption to ease the economy's dependence on exports.

“It's impossible for us to get out completely from our dependence on trade,” Mustapa said. “But what we were working toward is increasing the role of domestic sources of growth.”

“We have to innovate, be creative, and be more productive.”

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