E&E products exports double

On the performance of major group exports, RHB Research noted that the exports of E&E products (34.8 per cent of total exports) doubled its pace to grow by 22.4 per cent y-o-y in February, from +11.4 per cent in the previous month, and compared with nine per cent in December.

“In particular, the exports of electronic components and parts (largely semiconductor products) expanded for the fourth consecutive month and at a stronger double-digit rate in March, in line with a significant pick up in global semiconductor sales, its fastest increase in six years.

“This was aided by a quicker pace of growth in exports of audio visual equipment and machines as well as auto data processing equipment (largely computers) during the month,” it explained.

As for exports of commodity products (13.4 per cent of total exports), it noted that exports picked up to 32.6 per cent y-oy in February, its fastest pace in more than five years, from 18.9 per cent in January and 8.5 per cent in December, on account of higher commodity prices and some expansion in volumes.

It said, “This was mainly reflected in an increase in shipments of palm oil, growing at its strongest pace since August 2011, on the back of higher prices and volumes.

“At the same time, shipments of crude oil picked up, retaining its strong growth rate from last month, as higher prices mitigated the decline in volumes.”

On the other hand, exports of liquefied natural gas (LNG) slowed, after recording its first expansion in 25 months.

Likewise, the exports of nonE&E products (51.8 per cent of total exports) rose to 27.9 per cent y-o-y in February, from 13.8 per cent in the previous month, and compared with 12.5 per cent in December.