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Malaysia November Exports Beat Estimates, Expand 2.1% on
Malaysia November Exports Beat Estimates, Expand 2.1% on
08/01/2015 (NASDAQ) - Malaysia's November exports unexpectedly expanded 2.1% from a year earlier, mainly driven by shipments of electronics to the U.S. and European Union countries, official data Wednesday show.
A poll of 11 economists in a Wall Street Journal survey had predicted a median 1.0% contraction compared with a year earlier. In October, exports contracted 3.1% from a year earlier, its first contraction since July 2013.
Total exports rose to 63.73 billion ringgit ($17.79 billion) from 62.41 billion ringgit during the same month last year, the Ministry of International Trade and Industries said in a statement.
Exports to the U.S., E.U., and Japan rose 16%, 8.6%, and 9.6%, respectively, though shipments to China fell 15% in November. Electronic products, which make up about one-third of total exports, climbed 7.1% during the month while palm oil shipments plunged 13% and petroleum products fell 6.1%.
Imports in November inched up 0.2% at 52.60 billion ringgit from 52.52 billion a year earlier, the ministry said. Economists in the same WSJ poll had predicted an increase of 8.2% compared with the same period a year earlier.
The rise in imports was mainly led by capital goods, which gained 6.3%. Intermediate goods, or unfinished parts such as circuit boards and automotive components used in the final assembly of computers and cars, expanded 3.4% in November. Consumption goods meanwhile fell 1.7%.
Malaysia's trade surplus widened sharply to 11.13 billion ringgit in November from October's surplus of 1.15 billion ringgit, the ministry added.
A poll of 11 economists in a Wall Street Journal survey had predicted a median 1.0% contraction compared with a year earlier. In October, exports contracted 3.1% from a year earlier, its first contraction since July 2013.
Total exports rose to 63.73 billion ringgit ($17.79 billion) from 62.41 billion ringgit during the same month last year, the Ministry of International Trade and Industries said in a statement.
Exports to the U.S., E.U., and Japan rose 16%, 8.6%, and 9.6%, respectively, though shipments to China fell 15% in November. Electronic products, which make up about one-third of total exports, climbed 7.1% during the month while palm oil shipments plunged 13% and petroleum products fell 6.1%.
Imports in November inched up 0.2% at 52.60 billion ringgit from 52.52 billion a year earlier, the ministry said. Economists in the same WSJ poll had predicted an increase of 8.2% compared with the same period a year earlier.
The rise in imports was mainly led by capital goods, which gained 6.3%. Intermediate goods, or unfinished parts such as circuit boards and automotive components used in the final assembly of computers and cars, expanded 3.4% in November. Consumption goods meanwhile fell 1.7%.
Malaysia's trade surplus widened sharply to 11.13 billion ringgit in November from October's surplus of 1.15 billion ringgit, the ministry added.