Malaysia’s May exports surge 45.3%, topping forecasts as inflation rises 2%

[KUALA LUMPUR] Malaysia’s exports rose by 45.3 per cent in May from a year earlier, driven by sustained demand for electrical and electronic products, government data showed on Friday (Jun 19).

The rise in outbound shipments was the quickest since August 2022, when exports rose 48.2 per cent, LSEG data showed.

Economists polled by Reuters had expected a 30.5 per cent rise in exports during the month.

“Exports growth was anchored by heightened shipments of electrical and electronic products, petroleum products, liquefied natural gas, optical and scientific equipment, and machinery,” the statistics department said in a statement.

Exports to the US rose by 97.7 per cent from a year earlier, while shipments to China increased by 27.8 per cent.

Imports in May grew 14.1 per cent from a year earlier, the data showed. Analysts were expecting a 16 per cent increase.

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Malaysia recorded a trade surplus of RM40.4 billion (S$12.2 billion) in May, higher than the poll forecast of a RM23 billion surplus.

Separate data released on Friday showed Malaysia’s consumer price index rose a modest 2 per cent in May from a year earlier.

The rise was slightly less than the 2.1 per cent growth forecast by economists in a Reuters poll. In April, the index rose 1.9 per cent. REUTERS