Malaysia’s exports declined in March, marking the first contraction since August 2020 amid slowing global demand.

Outbound shipments fell 1.4% from a year ago to 129.7 billion ringgit ($29.3 billion), according to a statement from the Ministry of Investment, Trade and Industry. Exports of electrical and electronics products, which accounted for 39% of the Southeast Asian nation’s total, fell 4.4% year-over-year, while palm oil and related agricultural products sagged 14.2%. 

The fall in exports narrowly beat the 1.9% drop predicted in a Bloomberg survey, while a 1.8% decline in imports also came in narrower than the estimate for a 2.2% fall. That contributed to Malaysia’s trade surplus widening to 26.69 billion ringgit.

Exports to China dropped 6.2% on lower electrical and electronics shipments, while those to the US increased 7.5%. US semiconductor chip imports from Malaysia, its leading provider, had fallen for a fourth straight month in February, according to US Census data.