Malaysian export growth hits six-month low at 10%

Net exports rose 34.7% to 24.1b in Q2.

Malaysia runs into its slowest export growth in six months, 10% YoY in June, lower than last month’s 32.5%, according to UOB Global Economics & Markets Research.

UOB said net exports climbed by 34.7% to 24.1 billion in Q2. This shows the country has sustained current account surplus and positive net export GDP contribution.

Export volumes rose 2.3% YoY, whilst import volumes declined 2.3%. Both export and import prices rose, but slower by 7.5% and 6.1% respectively.

Overall exports got support from growth of manufactured items at 7.4%, mining at 7.3%, and agriculture at 7.7%.

Sectors that grew include electrical electronics at 15.1%, chemicals at 4.5%, palm oil at 16%, liquefied natural gas at 97.3%.

Other sectors that grew were crude rubber, rubber products, transport equipment, and machinery and appliances.

There were declines in shipments for crude petroleum at 1%, refined petroleum products at 9.5%, manufactured metal at 13.3%, and optical and scientific equipment at 3.1%.

Exports by country also grew. Malaysian exports to China grew by 27.3%, Japan by 24.3%, India by 21.3%, and South Korea by 33.8%.

Exports to ASEAN countries grew by 1.9%, thanks to shipments to Singapore at 9.1%, Thailand at 2.5%, and the Philippines at 18.5%.