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Malaysia exports rise far more than expected on year in Oct
[KUALA LUMPUR] Malaysia's exports in October surged 16.7 per cent from a year earlier, increasing for a fifth consecutive month, supported by demand for electrical and electronic products, government data showed on Friday.
October's exports had the highest year-on-year growth since April 2014, more than twice the 7.9 per cent growth forecast by economists in a Reuters poll.
Imports were almost flat, down 0.4 per cent on lower imports of electronic integrated circuits. The poll expected a 4.3 per cent drop in imports following September's sharp rise of 9.6 per cent.
Malaysia's imports have slumped most months since the government implemented a 6 per cent Goods and Services Tax (GST) in April.
Malaysia's trade surplus rose to 12.2 billion ringgit (S$4.05 billion) in October from 9.69 billion ringgit the previous month.
Exports to the EU increased 27 per cent due to demand for machinery parts, while the US saw a 30.5 per cent rise on exports of semiconductor devices and parts for scientific equipment.