Malaysia’s July chemical exports up by 6.8% at $1.26bn - govt data

07 September 2012 08:09  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia’s exports of chemicals rose by 6.8% year on year to Malaysian ringgit (M$) 3.93bn ($1.26bn) in July, partly buoyed by a rise in shipments to the Association of Southeast Asian Nations (ASEAN), the Department of Statistics said on Friday.

The country’s overall exports to ASEAN rose by 17.8% year on year to M$17.2bn in July, accounting for 29.5% of its total shipments, it said in a statement.

This was contributed mainly by the increase in exports of refined petroleum products, electrical and electronic products, polyacetals, polycarbonates as well as transport equipment, the statistics department said.

ASEAN consists of Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Myanmar, Cambodia, Laos, and Vietnam.

On a year-on-year basis, overall exports of refined petroleum products rose by 9% to M$5.25bn in July, while shipments of palm oil was up by 7.4% at M$4.31bn, it said.

Malaysia’s total exports slipped by 1.9% year on year to M$58.1bn in July, weighed by faltering demand from major export destinations including China, South Korea and the EU, according to the statistics department.

Meanwhile, the copuntry’s overall imports increased by 9.5% year on year to M$54.5bn in July, “reflecting firm domestic investment and consumption activities”, it said.

For the first seven months of this year, Malaysia’s total export rose by 3.3% year on year to M$409.33bn while imports grew by 8.2% to M$354.6bn, the department added.

“Essentially, the story for Malaysia has not changed much from six months ago,” Singapore-based DBS Group Research said on Thursday.

“Export performance is expected to remain sluggish, weighed down by the dire economic conditions in the Eurozone as well as the US. [The] Slowdown in China is also having an effect on export sales,” it said.

($1 = M$3.11)

By: Nurluqman Suratman

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