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Malaysia’s October export growth at 18.9% y-o-y
KUALA LUMPUR: Malaysia’s October exports rose 18.9% from a year earlier, snapping a two-month streak of slowing annual growth on the back of higher demand for manufactured and mining goods.
Export growth was above the 18.5% rise forecast by a Reuters poll, and up from September’s 14.8% growth.
Malaysia has seen double-digit growth in exports for most of 2017 so far, peaking at 32.5% in May.
Shipments of manufactured goods, which accounted for over 80% of Malaysia’s total exports, were up 19.5% from a year earlier in October, data from the International Trade and Industry Ministry showed.
Most of the manufactured goods were electrical and electronic products. Shipments of mining goods rose 27.3% from a year earlier, the data showed.
Imports in October grew 20.9% from a year earlier, versus the 15.2% growth posted in September. October’s trade surplus widened to 10.6 billion ringgit (84.9 billion baht), up from 8.6 billion ringgit in September.
Malaysia reports trade data in ringgit. The currency has been one of Asia’s best performers, strengthening nearly 10% so far this year.
Exports to China remained robust, rising 20.5% from a year earlier, led by higher demand for commodities products including liquefied natural gas, petroleum and rubber products. Shipments to the United States grew 13.8%, while exports to the European Union rose 9.3%.
Source: https://www.bangkokpost.com/news/asean/1373399/malaysias-october-export-growth-at-18-9-y-o-y#cxrecs_s