Malaysia's exports rise 15pc in October

Malaysia's exports rose by 15 percent year on year to 131.63 billion ringgit (28.94 billion U.S. dollars) in October, official data showed.

Malaysia's exports to major trading partners notably ASEAN (Association of Southeast Asian Nations), China, the United States, the European Union (EU) and Japan recorded growth in the month, the International Trade and Industry Ministry said in a statement.

The export growth was boosted mainly by higher shipments of petroleum products, electrical and electronic (E&E) products, liquefied natural gas (LNG) as well as crude petroleum.

Malaysia's exports of manufactured goods in October, which accounted for 84.5 percent of total exports, rose by 12.6 percent year on year to 111.18 billion ringgit (24.46 billion dollars). Petroleum products and E&E products respectively posted more than 1 billion ringgit (220 million dollars) increase in exports.

Meanwhile, exports of mining goods, which accounted for 8.5 percent of total exports, surged by 85.9 percent year on year to 11.22 billion ringgit (2.46 billion dollars).

The increase was mainly due to higher exports of LNG and crude petroleum.

However, exports of agriculture goods, which accounted for 6.5 percent of total exports, contracted by 7 percent to 8.6 billion ringgit (1.89 billion dollars) year on year on lower exports of palm oil and palm oil-based agriculture products as well as natural rubber.

For October, Malaysia's trade expanded by 21.1 percent year on year to 245.18 billion ringgit (53.98 billion dollars). Malaysia's October imports were 29.2 percent higher at 113.54 billion ringgit (25 billion dollars) as compared to a year ago.

Malaysia's trade surplus for the month, however, decreased by 32 percent to 18.09 billion ringgit (3.98 billion dollars).

On a month-on-month basis, Malaysia's imports grew by 1 percent while trade, exports and trade surplus contracted by 4.5 percent, 8.7 percent and 43.2 percent, respectively. For the first 10 months of 2022, Malaysia's trade increased by 31.6 percent year on year to 2.38 trillion ringgit (524 billion dollars) compared to the same period of 2021.

Malaysia's exports for the period climbed 28.5 percent to 1.29 trillion ringgit (283.9 billion dollars) while imports went up 35.4 percent to 1.09 trillion ringgit (240 billion dollars). Malaysia's trade surplus for the period grew by 1.3 percent to 205.61 billion ringgit (45.2 billion dollars).

British inflation has accelerated to the highest level for 41 years, driven by soaring energy, food and transport prices in a worsening cost-of-living crisis, official data showed Wednesday.

The Consumer Prices Index hit 11.1 percent in October, reaching the highest level since 1981, the Office for

National Statistics (ONS) said in a statement.

That compared with 10.1 percent in September, which matched the level in July and was the highest in 40 years.

Domestic fuel bills rocketed further despite the UK government's energy price freeze as the market faced fresh fallout from key producer Russia's invasion of Ukraine.

The October figure beat market expectations of 10.7 percent and was higher than the Bank of England's forecast peak. "Rising gas and electricity prices drove headline inflation to its highest level for over 40 years, despite the Energy Price Guarantee," said ONS chief economist Grant Fitzner.

Over the last year, gas prices have leapt by 130 percent and electricity prices by 66 percent, according to the ONS. Food prices and transport costs also propelled inflation higher.

Runaway inflation comes despite Britain's energy support, which sought to limit annual energy bills at an average of £2,500 per year.

Finance minister Jeremy Hunt, speaking on the eve of his key government budget, blamed Russian President Vladimir Putin's war in Ukraine for spiking prices, as well as fallout from the pandemic. "The aftershock of Covid and Putin's invasion of Ukraine is driving up inflation in the UK and around the world," Hunt said.

"This insidious tax is eating into pay cheques, household budgets and savings, while thwarting any chance of long-term economic growth."