Malaysia May exports grow 47.3% on year; imports up 50.3%

SINGAPORE (ICIS)–Malaysia’s exports in May posted a 47.3% year-on-year increase to ringgit (M$) 92.3bn ($22bn), growing for the ninth consecutive month, official data showed on Monday.

Imports for the month at M$78.6bn grew at a faster rate of 50.3% year on year, bringing the country’s trade surplus to M$13.7bn, according to data from the Malaysia External Trade Development Corp (MATRADE).

Robust demand for electrical and electronic (E&E) products, mainly semiconductors, as well as for rubber and petroleum products spurred the strong export growth, it said.

Exports to the ASEAN, China, the US, EU and Japan all registered growth in May on a year-on-year basis.

Compared with the previous month, however, May exports were down 12.6% while imports contracted 7.8%.

Trade figures in June are likely to be affected by a nationwide lockdown, which was in place for a full month and has just been extended amid continued spikes in COVID-19 cases in the country.

($1 = M$4.15)

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