07/04/2011 (MSN News) - Malaysia on Tuesday said its exports, the mainstay of the country's economy, rose 10.7 percent year-on-year in February although at a slower rate than the previous month.

The trade ministry said overseas shipments had hit 51.85 billion ringgit ($17.1 billion) while imports grew by 11.5 percent to 39.21 billion ringgit.

It said total trade for February saw an annual increase of 11.0 percent to 91.06 billion ringgit but exports decreased 5.5 percent from January.

The increase in shipments was boosted by electrical and electronic products, liquefied natural gas, palm oil, chemicals and chemical products.

Electrical and electronic items account for about 40 percent of Malaysia's total exports to key markets such as Singapore, China, United States, Japan and Hong Kong.

Export-dependent Malaysia, Southeast Asia's third-largest economy, was hit hard by the global slowdown but it rebounded with an impressive 7.2 percent growth in 2010 and it is expected to grow five to six percent this year.

Since taking power in 2009 Prime Minister Najib Razak has unveiled a series of economic reforms aimed at creating 3.3 million jobs and pushing the country towards developed nation status by 2020.

Among his promises are major infrastructure projects and financial market liberalisation, which came with a vow to stimulate the private sector to attract much-needed foreign investment.