Malaysia's November exports grow 14.4% year on year

A view of the Kuala Lumpur city skyline in Malaysia on Aug 15, 2017.
A view of the Kuala Lumpur city skyline in Malaysia on Aug 15, 2017.PHOTO: REUTERS

KUALA LUMPUR • Malaysia's November exports rose 14.4 per cent from a year earlier, slower than the previous month, on lower shipments of commodities, government data showed yesterday.

Export growth was above the 13.9 per cent rise forecast by a Reuters poll, but down from October's 18.9 per cent growth.

Malaysia has seen double-digit growth in exports for most of last year, peaking at 32.5 per cent in May.

Shipments of manufactured goods, which accounted for over 80 per cent of Malaysia's total exports, remained robust, expanding 18.2 per cent from a year earlier in November, data from the International Trade and Industry Ministry showed.

Most of the manufactured goods were electrical and electronic products.

Shipments of agricultural goods, however, declined 2.5 per cent year on year, mainly due to lower prices and volumes of palm oil exports.

November's exports of mining goods also decreased marginally by 0.9 per cent, the data showed. Imports grew 15.2 per cent from a year earlier, down from the 20.9 per cent growth posted in October.

The trade surplus in November narrowed slightly to RM9.95 billion (S$3.3 billion) compared to RM10.6 billion the previous month.

Malaysia reports its trade data in ringgit. Its currency was one of Asia's best performers last year, strengthening nearly 10 per cent against the US dollar.

Exports to the United States remained robust, growing 13.4 per cent from a year earlier, on higher exports of manufactured and mining goods.

Shipments to China grew 3.3 per cent, while exports to the European Union rose 12.4 per cent.

REUTERS

A version of this article appeared in the print edition of The Straits Times on January 06, 2018, with the headline 'Malaysia's November exports grow 14.4% year on year'. Print Edition | Subscribe