Malaysia: Exports record strong growth again in May
July 4, 2014
Exports recorded a strong 8.3% annual expansion in May (April: +11.5% year-on-year). The increase came in above market expectations and marked the second highest growth rate since February 2012. According to the Department of Statistics, the print reflects higher shipments of manufactured goods, including electronics and electric products, petroleum products, and chemicals. Exports of mining goods also increased substantially, while shipments of agricultural products such as palm oil grew although to a lesser extent. Meanwhile, imports rebounded to a 4.1% increase in May, which contrasted the 1.6% decline registered in April.
The trade surplus narrowed from USD 2.7 billion in April to USD 1.8 billion in May (May 2013: USD 958 million). The 12-month moving sum of the trade balance increased from a USD 27.4 billion surplus in April to USD 282 billion in May.
Author: Carl Kelly, Economist