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Malaysia's June export growth at 7.6% y-o-y, below forecast
[KUALA LUMPUR] Malaysia's exports rebounded in June from the previous month, government data showed on Friday, but the pace of growth was well below expectations as commodity shipments fell.
Exports grew 7.6 per cent from a year earlier in June, missing the 11.5 per cent forecast in a Reuters poll. In May, export growth was 3.4 per cent, slowing sharply from a 14 per cent surge in April.
Exports of manufacturing goods, which account for 85 per cent of Malaysia's total exports, rose 12.7 per cent year-on-year in June, on the back of higher demand for electrical and electronic goods, as well as petroleum and metal products, data from the International Trade and Industry Ministry showed.
However, shipments of palm oil, a major export commodity, fell 29.2 per cent from a year earlier on lower prices and volumes. June's exports of mining goods also declined, with shipments of liquefied natural gas (LNG) falling 31.2 per cent year-on-year, the data showed.
Malaysia's imports also rebounded in June, jumping 14.9 per cent from a year earlier, compared with the marginal 0.1 per cent rise in May.
Increases were posted in all three major categories of imports - intermediate, capital and consumption goods, the data showed. Malaysia reports trade data in ringgit. June's trade surplus narrowed to RM6.0 billion (S$2.02 billion) from RM8.1 billion the previous month.
Exports to China remained robust, rising 16.9 per cent from a year earlier. But shipments to the United States fell 1.9 per cent, due to lower demand for electrical and electronic goods, and palm oil products.