English
Malaysia’s November exports rises 14.4 pc year-on-year
KUALA LUMPUR (Xinhua) – Malaysia’s exports in November 2017 expanded 14.4 per cent year-on-year to 83.5 billion ringgit (20.92 billion US dollar) on higher manufactured goods demand, Malaysia’s Ministry of International Trade and Industry (MITI) said yesterday.
The export growth was down from a 18.9-per cent growth in October last year.
MITI said in a statement that manufactured goods exports, which accounted for 82.6 per cent of Malaysia total export, increased by 18.2 per cent year-on-year in November 2017.
The expansion of manufacturing sector was mainly supported by higher exports of electrical and electronic (E&E) products, chemicals and chemical products.
Exports for mining and agriculture goods, however, fell 0.9 per cent and 2.5 per cent respectively in November 2017.
Malaysia’s total trade in November 2017 surged 14.8 per cent year-on-year, buoyed by trade with trading partners including other members of the Association of Southeast Asian Nations (Asean), the European Union (EU), China, South Korea and the United States.
Malaysia’s exports to Asean grew 18.3 per cent, while exports to EU and US, rising 12.4 and 13.4 per cent respectively. Malaysia’s exports growth to China also remained resilient at 3.3 per cent. For the first 11 months of 2017, total trades surged 20.8 per cent to 1.622 trillion ringgit, with exports and imports jumped 20.4 per cent and 21.2 per cent respectively.
Economists said that the exports growth for November 2017 showed Malaysia’s exports remained steady, though it has been moderating in the second half of 2017.
“The exports growth may signal a resilient gross domestic product (GDP) growth of 5.7 per cent in the fourth quarter,” Affin Hwang Investment Bank Bhd chief economist Alan Tan told Xinhua.
Malaysia’s third quarter GDP growth grew 6.2 per cent, the fastest rate since the second quarter of 2014.
Tan expects Malaysia’s export to grow 20 per cent year-on-year in 2017 due to lower base in 2016. Meanwhile, the exports growth is projected to slow down to seven per cent in 2018, due to higher base in 2017.
“The global E&E demand will continue to support Malaysian exports, and mitigate the contraction for agricultural and mining products,” he added.
RHB Research Institute’s chief Asean economist Peck Boon Soon has upgraded his 2017 exports growth forecast to 19.5 per cent, but maintained his exports growth forecast for 2018 at 10 per cent.
Source: http://borneobulletin.com.bn/malaysias-november-exports-rises-14-4-pc-year-on-year/