KUALA LUMPUR, Malaysia–Growth in Malaysia’s exports likely accelerated in May, supported by strong shipments in commodities and electrical and electronics products.
Exports likely rose 22.0% in May from the previous year, according to the median forecast from a poll of nine economists, compared with April’s 20.6% increase. “We believe global demand will remain supportive to Malaysia’s trade,” said Mohd Afzanizam Abdul Rashid, chief economist at Bank Islam Malaysia. The recent momentum in manufacturing and exports helped the Southeast Asian economy expand by 5.6% in the first three months of the year, its fastest pace in two years.
The economic upturn has eased concerns about growth, which had been hurt by weakness in oil prices since mid-2014. Imports in May likely climbed 19.2% from a year earlier, according to the poll. Imports rose 24.7% in April, driven by inward shipments of intermediate, capital and consumption goods. The trade surplus is expected to shrink to 7.0 billion ringgit ($1.63 billion) in May from MYR8.8 billion in April, according to the poll. The official May trade data is due Friday at 0400 GMT.
