KUALA LUMPUR, May 5 — Malaysia’s annual export growth in March slowed slightly from the previous month, government data showed today, but the pace of expansion remained robust on higher shipments of manufactured, mining and agricultural goods.
Exports in March rose 24.1 per cent from a year earlier, beating economists’ forecast of a 19.2 per cent rise, but were down slightly from the 26.5 per cent increase recorded in February, the fastest annual pace in nearly seven years.
Data from the International Trade and Industry Ministry showed a new milestone in export performance, with shipments topping RM80 billion (US$18.46 billion) for the first time.
Exports of manufactured products grew 22.1 per cent year-on-year, the data showed, while shipments of mining goods jumped 36.1 per cent on higher volumes and prices of crude oil and liquefied natural gas.
Exports of agriculture goods rose 25.4 per cent on increased shipments of palm oil and palm-oil based products and natural rubber. March imports jumped 39.4 per cent from a year earlier, the highest annual increase in seven years, and up from the 27.7 per cent increase recorded the previous month.
The trade surplus in March narrowed to RM5.4 billion (US$1.25 billion), from February’s 8.7 billion ringgit. Exports to China jumped 40.3 per cent from a year earlier, due to higher shipments of petroleum products, electrical and electronic products, rubber and chemicals.
Exports to the United States rose 16.5 per cent on rising demand for electrical and electronic products, while those to the European Union grew 28.1 per cent. — Reuters
