Exports up 1.7% to RM63.88b

PETALING JAYA: Malaysia’s exports in August surprisingly grew at a faster pace of 1.7% to RM63.88bil from a year ago, beating consensus expectations of a 1.4% decline, thanks to continued demand for the country’s manufactured goods.

In July, Malaysia’s exports had grown only a marginal 0.6% to RM61.12bil.

“Export growth (in August) was supported by a comeback in E&E (electrical and electronic) exports, after moderating for four consecutive months,” CIMB Research economist Julia Goh said. “It also coincided with the dis- sipation of the Hari Raya seasonal effects and the continued growth in imports of intermediate goods in July.”

In commending Malaysia’s relatively strong exports data for August, Barclays Research said: “The expected weakness from lower palm oil prices did not materialise, as better crude oil production and refining output offset the decline in palm oil.

“Furthermore, the high base from last year did not matter much, as exports rose about 5% month-on-month, although the impact on trade surplus was not significant,” it added.