Illustrative image (Source: Internet)Malaysia’s Ministry of International Trade and Industry on June 5 reported that the country’s exports in April rose 20.6 percent year on year to 73.97 billion ringgit (17.33 billion USD) thanks to increased demand for processed, mining and agricultural products.
This was the fifth consecutive month where exports posted double digit growth.
Total trade surged by 22.5 percent to 139.18 billion ringgit (32.76 billion USD) compared with the year before, supported by expansion in trade with ASEAN, China, Japan, India, the European Union and the US.
Meanwhile, imports expanded by 24.7 percent to 65.21 billion ringgit (15.3 billion USD), resulting in a trade surplus of 8.75 billion ringgit (2.05 billion USD).
However, on a month-on-month basis, total trade, exports and imports dropped by 12.9 percent, 10.5 percent and 15.6 percent respectively.
According to United Overseas Bank economist Julia Goh and TA Securities' chief economist Shazma Juliana Abu Bakar, April's export figure was within expectations.
She expected exports to moderate in the second half of the year due to various factors, including moderation in regional demand, the strengthening of the ringgit and a higher base effect for exports in the second half of last year./.