KUALA LUMPUR, Aug 4 — Malaysia’s exports in June grew 10 per cent from a year earlier, government data showed on Friday, well below expectations, as shipments of manufactured goods fell.
Export growth missed the 15.8 per cent forecast by a Reuters poll and was sharply down from May’s 32.5 per cent growth. Exports of metal products and tech equipment fell 13.3 per cent and 7.0 per cent respectively in June, data from the International Trade and Industry Ministry showed, despite a rise in shipments of electrical and electronic products.
Exports of mining goods grew 40.3 per cent, driven by rising prices and shipment volumes of liquefied natural gas, the data showed. June’s import growth fell sharply to 3.7 per cent from a year earlier, down from the 30.4 per cent growth in May and the 19 per cent growth projected in the poll.
Imports of intermediate and capital goods rose but consumption goods, which totalled 5.62 billion ringgit or 8.9 per cent of total imports, declined by 5.2 per cent. This was due to lower imports of semi-durables, particularly woven apparel.
The trade surplus in June widened to RM9.9 billion (US$2.32 billion) from May’s RM5.5 billion. Malaysia reports trade data in ringgit. The currency has been one of Asia’s best-performing ones this year, strengthening about 3 per cent in the second quarter.
Exports to China remained robust, rising 27.3 per cent from a year earlier, while those to the European Union grew 10 per cent.
Shipments to the United States rose 1.8 per cent, slowing from the previous month on lower exports of manufactured goods. —Reuters
