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Malaysia's May exports fall, but less than expected
[KUALA LUMPUR] Malaysia's May exports fell a less-than-expected 6.7 per cent from a year earlier, helped by exports to China, government data showed on Friday.
Exports, however, shrank for a second straight month due to weak demand for liquefied natural gas, manufactured exports and lower commodity prices.
Annual imports continued to decline in May on the back of weaker domestic demand, after a Goods and Services Tax (GST) was implemented on April 1.
Analysts in a Reuters poll had forecast exports would fall by 8.9 per cent, while imports were expected to see an 8.7 per cent decline.
May's trade surplus narrowed to 5.51 billion ringgit (US$1.5 billion) following a 6.89 billion ringgit surplus the previous month.
Shipments to China in May grew 5.7 per cent, driven by higher exports of petroleum products, palm oil and rubber products.