Malaysia: Exports growth plunges in September
November 8, 2013
Exports contracted 2.8% annually in September (August: +7.2%), beating market expectations. According to the Department of Statistics, the contraction reflects higher shipments of refined petroleum, metal manufactures, and electronics and electric products. Imports also fell drastically, contracting 6.0% in September, which contrasted the 8.8% rise recorded in August.
The trade surplus was USD 2.6 billion in September, which caused the 12-month moving sum of the trade balance to rise from a USD 21.9 billion surplus to a USD 22.4 billion surplus.
FocusEconomics Consensus Forecast panelists expect exports to fall 1.2% in USD terms in 2013. Imports are expected to grow 0.7%, pushing the trade surplus to USD 25.5 billion. For 2014, the panel expects exports to grow 5.6%. With imports expected to rise 6.1% in 2014, panelists see the trade surplus widening to USD 26.2 billion.
Author: Carl Kelly, Economist