Malaysia's Aug exports exceed forecasts at 21.5%

KUALA LUMPUR • Malaysia's exports in August grew to 21.5 per cent from a year earlier, beating expectations on the back of manufacturing sector and liquefied natural gas (LNG) exports, but were slower than the previous month.

The export growth exceeded analysts expectations but was down from July's 30.9 per cent growth.

The upward trend of manufactured goods exports continued in August with an expansion of 22.3 per cent year on year. Growth was also driven by increased exports of LNG, government data showed yesterday.

August imports grew 22.6 per cent from a year earlier to RM72.4 billion (S$23.3 billion). The trade surplus in August widened to RM9.9 billion.

REUTERS

British house prices rise at fastest pace in 7 months

LONDON • British house prices rose last month, pushing the annual rate of growth to the fastest in seven months, according to Halifax.

Values increased 0.8 per cent from August, a third consecutive monthly advance, the mortgage lender said in a statement yesterday.

The year-on-year increase jumped to 4 per cent.

Despite the improvement, the overall picture is one of a softer market. The pace of national price increases is down from a peak of 10 per cent early last year and other reports show declines in values in some regions.

Still, mortgage approvals are running at an average pace of almost 67,000 a month this year, little changed from last year, and rampant property inflation in recent years has stretched affordability for many.

BLOOMBERG