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Malaysia's July exports up 30.9% y-o-y, exceed forecast
[KUALA LUMPUR] Malaysia's export growth in July exceeded expectations, rising 30.9 per cent from a year earlier, government data showed on Wednesday, on higher shipments of manufactured products and mining goods.
The pace of expansion beat the 23.1 per cent rise forecast by a Reuters poll and tripled the 10 percent growth posted in June.
Shipments of manufactured goods, which accounted for more than four-fifths of Malaysia's total exports, were up 32.6 per cent from a year earlier in July, data from the International Trade and Industry Ministry showed. Most of the manufactured goods were electrical and electronic products.
Exports of mining goods expanded 27.5 per cent on higher prices and volumes of liquefied natural gas, the data showed.
July's imports grew 21.8 per cent from a year earlier, sharply up from the 3.7 per cent growth posted in June.
Imports of intermediate and consumption goods rose but capital goods, which totalled 13 per cent of total imports, declined by 16.5 per cent.
Malaysia reports trade data in ringgit.
The trade surplus in July narrowed to RM8.0 billion (S$2.54 billion) from June's RM9.9 billion.
Exports to China grew 28.8 per cent from a year earlier, the ninth straight month of double-digit growth.
Shipments to the United States rose 14.4 per cent, while those to the EU grew 34.1 per cent.
Malaysia's total trade surpassed the RM1 trillion mark in the first seven months of the year, growing 22.7 per cent from the corresponding period last year.
Government data showed this was the fastest trade had surpassed the 1 trillion mark, two months earlier than usual.