Malaysia’s October export growth at 18.9pc y/y, above forecast
KUALA LUMPUR, Dec 6 — Malaysia’s October exports rose 18.9 per cent 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 per cent rise forecast by a Reuters poll, and up from September’ 14.8 per cent growth.
Malaysia has seen double-digit growth in exports for most of 2017 so far, peaking at 32.5 per cent in May.
Shipments of manufactured goods, which accounted for over 80 per cent of Malaysia’s total exports, were up 19.5 per cent 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 per cent from a year earlier, the data showed.
Imports in October grew 20.9 per cent from a year earlier, versus the 15.2 per cent growth posted in September.
October’s trade surplus widened to RM10.6 billion (US$2.61 billion), up from RM8.6 billion in September.
Malaysia reports trade data in ringgit. The currency has been one of Asia’s best performers, strengthening nearly 10 per cent so far this year.
Exports to China remained robust, rising 20.5 per cent 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 per cent, while exports to the European Union rose 9.3 per cent. — Reuters
Source: The Malay Mail Online