ASEAN KEY DESTINATIONS
Malaysia Oct exports up by 16.7 per cent
MALAYSIA’S October exports grew more than twice as much as expected, helped by demand from key markets for electrical and electronic products and by the weak ringgit.
The country’s exports have picked up in the second half, after drops in commodity shipments following the global slide in oil and palm oil prices and a slowdown in China.
In ringgit terms, October’s exports increased 16.7 per cent from a year ago, government data showed, the highest growth since April 2014.
Malaysia reports trade data in ringgit, which has lost about 17 per cent against the US dollar this year, making it Asia’s worst-performing currency.
Irvin Seah, economist at DBS in Singapore, said he would take the October growth “with a pinch of salt because of the currency valuation effect” which naturally boosts the data.
“We are not seeing strong improvement in global demand,” he added.
Wellian Wiranto, economist at OCBC in Singapore, said a jump in shipments of electronics and electrical items “shows some strength in Malaysia’s economy.”
October imports signalled that domestic demand remained weak. They contracted 0.4 percent.
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