08/03/2012 (NASDAQ) - Malaysia's exports grew weaker than expected in January, data from the Department of Statistics showed Wednesday.

Exports rose 0.4 percent year-on-year in January, but slower than the 2 percent expansion expected by economists.

Exports to the European Union decreased 14.5 percent annually to MYR 5 billion, as a result of lower exports of palm oil, electrical and electronic products, manufactures of metal and crude rubber.

Imports increased 3.3 percent from last year, weaker than 5.7 percent growth forecast. The trade balance was in a surplus of MYR8.75 billion compared with forecast of MYR8.25 billion.

The statistical office said that the increase in exports was largely contributed by higher shipments of liquefied natural gas and refined petroleum products. Japan, Singapore, China, the US and Thailand, were the top five export destinations during the month.