Malaysia: Export growth moderates in December
February 8, 2017
Exports in USD terms grew 6.7% annually in December, which followed November’s robust 8.7% expansion. Similarly, year-on-year exports to Malaysia’s top three trading partners—China, Singapore and the European Union—were strong in December and recorded double-digit increases.
According to the National Statistical Institute, December’s expansion was broad-based as it reflected increases in exports of electronic products, palm oil and palm-based products and crude oil. Liquefied natural gas (LNG) was the only major category to record a decline but it could not prevent the month’s overall increase. Imports also increased in December (+7.6% year-on-year) but at a slower pace than November’s expansion (+12.1% year-on-year).
The trade balance narrowed slightly from a USD 2.1 billion surplus in November to a USD 2.0 billion surplus in December. The 12-month moving sum of the trade surplus was stable at November’s USD 21.0 billion in December—the lowest figure since June 2004.
Author: Luis Lopez Vivas, Economist