05/12/2007 (Daily Times, Pakistan), Kuala Lumpur - Malaysian exports grew at the fastest annual pace in nearly a year in October, as strong sales of palm oil and crude oil offset modest demand for electronics, government data showed on Tuesday.

Exports in October rose 14.3 percent from a year earlier, more than double the market forecast for a 6.2 percent rise and marking the quickest pace of expansion since an 18.4 percent annual growth in November 2006. Electronics, which make up about half of total exports, were just 0.4 percent higher in October than a year earlier.

Palm oil, which accounts for just under a tenth of total shipments, nearly doubled from a year ago.

Malaysia is one of the world’s largest producers of crude palm oil.

Imports, about three quarters of which are used to make exports, jumped 18.2 percent in October from a year ago, handily beating economists’ expectations for a 4.7 rise. The trade surplus narrowed slightly to 9.24 billion ringgits ($2.76 billion) in October from 9.43 billion ringgits a year earlier. The poll had forecast a surplus of 10.5 billion ringgits. The government does not release seasonally adjusted data to show the growth between months. Malaysia’s trade surplus dropped to 9.24 billion ringgits (2.76 billion dollars) in October, down 19 percent from September and 2.0 percent from a year ago, official data showed Tuesday.

Total exports for October were 54.91 billion ringgits, up 2.3 percent from September and 1.4 percent higher from the same month last year, the Ministry of International Trade and Industry said.

Imports came in at 45.67 billion ringgits, up 7.0 percent from September and 18 percent higher from a year ago. “Major product sectors which contributed to the significant increase in exports ... crude petroleum, chemicals and chemical products, refined petroleum products, palm oil and liquefied natural gas,” the ministry said. Total exports for the first 10 months of the year grew 2.4 percent to 496.57 billion ringgits compared to the same period last year while imports for the same period rose by 4.5 percent to 415.39 billion ringgits. Total trade for the first 10 months amounted to 811.38 billion ringgits and 100.58 billion ringgits for October. reuters