Malaysia July exports up 13.5%

Malaysia said on Thursday its exports, the mainstay of the economy, rose 13.5 per cent year-on-year in July due to higher demand for electronic goods, the country's main exports.

The trade ministry said in a statement that shipments had risen to 55.43 billion ringgit (S$23.8 billion), while imports were up 18.1 per cent to 48.41 billion ringgit, producing a surplus of 7.01 billion ringgit.

The increase was contributed by higher exports of electrical and electronic products, liquefied natural gas, palm oil, chemicals and chemical products.

Electrical and electronic items account for about 40 per cent of Malaysia's total exports to key markets like Singapore, China, United States, Japan and Hong Kong.

Export-dependent Malaysia, Southeast Asia's third-largest economy, was hit hard by the global slowdown and its economy shrank 1.7 per cent last year.

The economy has since rebound and grew 8.9 per cent year-on-year in the second quarter, the central bank said last month, with growth expected to exceed six per cent in the full year.
 

straitstimes