Malaysia: Exports pick up in June
August 4, 2011
In June, exports rose 17.2% over the same month last year. The reading came in above the previous month's 13.8% increase and overshot market expectations. According to Statistics Malaysia, the expansion in exports was mostly due to higher shipments of palm oil, refined petroleum products and liquefied natural gas. Exports to ASEAN countries (Association of Southeast Asian Nations) Japan and China recorded strong gains, while shipments to the United States and the European Union declined, mainly due to lower exports of electronic and electrical goods. Imports accelerated from a 13.9% increase in May to a 14.8% expansion in June. As a result, the trade surplus narrowed further from USD 2.8 billion in May to USD 2.5 billion in June.