KUALA LUMPUR: Malaysia’s exports unexpectedly expanded in August, government data showed on Friday, driven by higher shipments of manufactured goods and rising palm oil prices.
Exports in August rose 1.5 percent from a year earlier, compared with the 1.6 decline forecast by a Reuters poll. In July, exports slid 5.3 percent, the biggest on-year drop in 15 months.
Exports of palm oil and manufactured goods expanded by 19.9 percent and 1.5 percent respectively, which offset falling earnings from shipments of liquefied natural gas, data from the International Trade and Industry Ministry showed.
Malaysia’s imports also rebounded in August, rising 4.9 percent from a year earlier, compared with the previous month’s 4.8 percent decline. August’s trade surplus was 8.5 billion ringgit ($2.05 billion), much wider than the previous month’s 1.9 billion ringgit.
Exports to China fell 1.3 percent from a year earlier on lower shipments of metal, manufactured goods and rubber, while those to the European Union grew 0.5 percent.
Exports to the U.S. grew 5.2 percent from a year earlier, due to higher demand for electrical and electronic products, particularly photosensitive semi-conductor devices.
