Malaysia's exports up 32.5% in May

KUALA LUMPUR • Malaysia's exports in May rose 32.5 per cent from a year earlier, significantly above expectations, as shipments of manufactured goods surged, government data showed yesterday.

The growth pace beat the 21.3 per cent forecast by a Reuters poll and April's 20.6 per cent growth.

Export growth outpaced that of imports for the first time since May last year, data from the International Trade and Industry Ministry showed.

Imports rose 30.4 per cent from a year earlier, up from the 24.7 per cent in April.

The trade surplus in May narrowed to RM5.5 billion (S$1.77 billion) from April's RM8.8 billion.

Malaysia reports trade data in ringgit. The currency has been one of Asia's best-performing this year, strengthening 3 per cent in the second quarter.

Exports to China rose 51.5 per cent from a year earlier, the highest annual growth since February 2010, on higher demand for electrical and electronic goods as well as petroleum products.

Shipments to the United States rose 16.3 per cent on rising exports of manufactured goods, while those to the European Union grew 29.7 per cent.

REUTERS

A version of this article appeared in the print edition of The Straits Times on July 08, 2017, with the headline 'Malaysia's exports up 32.5% in May'. Print Edition | Subscribe