May exports exceed forecast to reach RM84bil, CPO picks up
05.07.2019 (The Star Online) - KUALA LUMPUR: Malaysia’s exports rose by 2.5% to RM84.15bil, the highest export value ever for the month of May, exceeding a Bloomberg survey of a 2.2% increase, aided by an increase in crude palm oil (CPO) exports, according to the International Trade and Industry Ministry (Miti).
Miti said in a statement that the electrical and electronics (E&E) products increased by 0.5% from a year ago to RM29.34bil. E&E accounted for 34.9% of total exports.
Petroleum products fell by 14.9% to RM6.89bil, which represented 8.2% of total exports.
Chemicals and chemical products posted a 7.7% increase to RM4.86bil (5.8% of total exports).“Palm oil & palm oil based agriculture products rose by 17.5% to RM4.27bil or 5.1% of total exports, increased by 17.5%,” it added. Miti said imports expanded by 1.4% to RM75.06bil, which were below the Bloomberg forecast of 3.2%.
“Faster export growth compared to imports has resulted in a higher trade surplus of RM9.08bil, surged by 11.9% compared with May last year.
“This was the 259th consecutive month of trade surplus since November 1997,” it said.
On a month-on-month (m-o-m) basis, imports increased by 1%, while total trade, exports and trade surplus slipped by 0.2%, 1.2% and 16%, respectively.
Malaysia’s trade in May 2019 grew by 2% from May 2018 to reach RM159.21bil.