Malaysia: Exports contract less than expected
August 5, 2013
Exports fell for the fifth straight month in June, declining 5.6% in USD terms over the same month last year. The reading followed the 3.4% decline observed in May and undershot market expectations. According to the Department of Statistics, the result reflected lower shipments of animal and vegetable oils, miscellaneous transactions, commodities and manufactured goods. Imports rose 2.7% in June. The increase was above the 0.2% rise recorded in May.
The trade surplus reached USD 1.4 billion in June, prompting the 12-month moving sum of the trade balance to fall to USD 22.1 billion, which was down from the USD 23.6 billion surplus tallied in May.
FocusEconomics Consensus Forecast panellists expect exports to grow 2.6% in USD terms in 2013. Imports are expected to grow 4.5%, pushing the trade surplus to USD 27.7 billion. For 2014, the panel expects exports to grow 6.9%. With imports expected to rise 7.1%, they see the trade surplus widening to USD 28.3 billion.