Malaysia: Exports pick up in August
October 6, 2011
In August, exports rose 17.2% over the same month last year. The reading came in above the previous month's 14.6% increase and exceeded market expectations. The August print represented the 21st consecutive month of double-digit growth. According to Statistics Malaysia, the August increase was mostly driven by higher shipments of fixed vegetable oils and fats, crude as well as gas. Moreover, growth in exports benefited from higher shipments to China and the European Union. Meanwhile, imports accelerated from a 10.2% increase in July to a 12.9% expansion in August. As a result, the trade surplus widened from USD 3.1 billion in July to USD 3.7 billion in August, which bodes well for an improving net contribution of the external sector to third quarter GDP growth.