Malaysia exports up 11.1pc in April

KUALA LUMPUR: Malaysia said Friday its exports, the mainstay of the country's economy, grew 11.1 percent year-on-year in April on the back of higher demand for gas, palm oil, rubber and other products.

The trade ministry said shipments rose to 57.80 billion ringgit ($19.15 billion) while imports gained 9.4 percent to 46.79 billion ringgit.

Total trade for April increased 10.3 percent to 104.58 billion ringgit year-on-year. The export growth was higher than that of March, which saw a 7.8 percent increase compared to the same month last year.

The growth was mainly due to higher exports of liquefied natural gas, palm oil, refined petroleum products, crude rubber, optical and scientific equipment, and chemicals and chemical products.

Malaysia's top five export destinations were Singapore, China, Japan, the United States and Thailand.

Although hit hard by the global economic slowdown, Southeast Asia's third-largest economy rebounded with an impressive 7.2 percent growth in 2010 and is expected to expand between five and six percent this year.

Since taking power in 2009 premier Najib Razak has unveiled a series of economic reforms aimed at creating 3.3 million jobs and pushing the country towards developed nation status by 2020.

Among his promises are major infrastructure projects and financial market liberalisation, which came with a vow to stimulate the private sector to attract much-needed foreign investment.

Copyright AFP (Agence France-Presse), 2011