KUALA LUMPUR: Malaysia’s exports jumped by an unexpectedly strong 6.8% in July from a year earlier, driven by a surge in shipments of electrical and electronic products, government data showed on Tuesday.
Exports had been expected to decline by 3.9% in annual terms, according to the median estimate of economists surveyed by Reuters.
The rise in July was in tandem with an increase in re-exports, along with higher shipments of machinery, palm oil-based products and optical and scientific equipment, chief statistician Mohd Uzir Mahidin said in a statement.
Exports to Singapore, a major trade partner, jumped 22.2% while those to China grew 6.8%, data from the statistics department and trade ministry showed. Shipments to the United States rose 3.8%.
Imports in July grew 0.6% from a year earlier, the data showed, compared with a 2.9% decrease forecast by economists.
Imports of capital goods rose 20.6% but imports of intermediate and consumption goods declined, falling 17.8% and 5%, respectively, according to the data.
Malaysia recorded a trade surplus of 15 billion ringgit ($3.55 billion) in July, above the poll forecast of 5.4 billion ringgit.
Comments
Comments are closed for this article.