September 5, 2018 / 4:04 AM / 3 months ago

Malaysia's July export growth at 9.4 pct y/y, above forecast

    * July exports +9.4 pct y/y vs Reuters poll +6.6 pct
    * July imports +10.3 pct y/y vs poll forecast +5.8 pct 
    * Trade surplus 8.3 bln rgt vs poll forecast 6.3 bln rgt
    * Exports to China up 37.5 pct; to the U.S. up 6.7 pct

    KUALA LUMPUR, Sept 5 (Reuters) - Malaysia's exports grew 9.4 percent in July
from a year earlier, accelerating for the second month in a row on higher
shipments to China and increased demand for manufactured goods, government data
showed on Wednesday. 
    July's export growth surpassed economists' expectations of a 6.6 percent
annual rise and was above the 7.6 percent expansion recorded in June. In May,
exports grew 3.4 percent.   
    Malaysia reports trade data in ringgit. 
    The country's exports in July totalled 86.1 billion ringgit ($20.8 billion),
the highest monthly export value ever recorded, the International Trade and
Industry Ministry said in a statement.
    Shipments of manufactured goods, which account for 85 percent of Malaysia's
total exports, rose 12.6 percent year-on-year in July, the ministry's data
showed.     
    Exports of mining goods grew 7.1 percent amid a surge in crude oil prices.
Agricultural exports, however, fell 14.5 percent on lower volumes and prices of
palm oil and palm oil-based products, the data showed.      
    Imports in July grew 10.3 percent from a year earlier, down from the 14.9
percent rise in June.
    July's trade surplus widened to 8.3 billion ringgit ($2 billion) from 6
billion ringgit the previous month. 
    Malaysia's exports to China jumped 37.5 percent from a year earlier in July,
recording its highest monthly export value at 12.9 billion ringgit. The rise was
attributed to higher shipments of manufactured goods, liquefied natural gas and
crude oil.
    Exports to the United States rebounded in July after two months of declines,
rising 6.7 percent year-on-year on increased demand for optical and scientific
equipment, machinery and crude oil.
      
    
    KEY DATA   
    (Exports and imports in percent, trade in billions of ringgit)      
                 July     June    May    April   March    Feb     Jan    Dec
    Exports      86.1     78.7    82.1    84.2    84.5   70.3    82.9    79.3
                                                                        
     y/y%         9.4     7.6     3.4      14     2.2    -2.0    17.9    4.7
    Imports      77.8     72.6    74.0    71.2    69.8   61.3    73.2    72.1
                                                                        
     y/y%        10.3     14.9    0.1     9.1     -9.6   -2.8    11.6    7.9
    Balance       8.3     6.0     8.1     13.1    14.7    9.0    9.7     7.3
                                                                        
 
    MAIN EXPORTS
                         July 2018     % of      % change  
                                                     
                         (bln rgt)    total    vs year ago 
                                                     
 Electrical &              34.5        40.1        23.6
 Electronic Products                           
 Petroleum products         6.2        7.1        -13.0
 Chemicals and              4.8        5.6         19.3
 chemicals products                            
                                               
 Crude petroleum            3.8        4.4         90.1
 Manufactures of metal      3.8        4.4         23.3
 Machinery                  3.5        4.4         2.0
 Palm oil & Palm-based      3.5        4.0        -22.2
 agricultural products                         
                                               
 Optical and                3.1        3.6         9.1
 scientific equipment                          
 Liquefied natural gas      2.4        2.8        -38.4
                                               
 Rubber products            2.3        2.6         0.7
    
  EXPORT MARKETS                    
                  July 2018       % of      % change       
                  (bln rgt)      total       vs year ago    
                                                    
 China               12.9         15.0            37.5
 Singapore           11.9         13.8            -2.0
 USA                 7.8           9.0            6.7
 Hong Kong           6.5           7.5            80.8
 Japan               5.0           6.2           -17.1
 
($1 = 4.1420 ringgit)

 (Reporting by Rozanna Latiff; Editing by Sunil Nair)
  
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