August 3, 2018 / 4:00 AM / 3 months ago

Malaysia's June export growth at 7.6 pct y/y, below forecast

    * June exports +7.6 pct y/y vs Reuters poll +11.5 pct
    * June imports +14.9 pct y/y vs poll forecast +14.3 pct 
    * Trade surplus 6.0 bln rgt vs poll forecast 10.1 bln rgt
    * Exports to China up 16.9 pct, down 1.9 pct to the U.S.

    KUALA LUMPUR, Aug 3 (Reuters) - Malaysia's exports rebounded in June from
the previous month, government data showed on Friday, but the pace of growth was
well below expectations as commodity shipments fell.
    Exports grew 7.6 percent from a year earlier in June, missing the 11.5
percent forecast in a Reuters poll. In May, export growth was 3.4 percent,
slowing sharply from a 14 percent surge in April.
    Exports of manufacturing goods, which account for 85 percent of Malaysia's
total exports, rose 12.7 percent year-on-year in June, on the back of higher
demand for electrical and electronic goods, as well as petroleum and metal
products, data from the International Trade and Industry Ministry showed. 
    However, shipments of palm oil, a major export commodity, fell 29.2 percent
from a year earlier on lower prices and volumes.
    June's exports of mining goods also declined, with shipments of liquefied
natural gas (LNG) falling 31.2 percent year-on-year, the data showed.
    Malaysia's imports also rebounded in June, jumping 14.9 percent from a year
earlier, compared with the marginal 0.1 percent rise in May.
    Increases were posted in all three major categories of imports -
intermediate, capital and consumption goods, the data showed.
    Malaysia reports trade data in ringgit.
    June's trade surplus narrowed to 6.0 billion ringgit ($1.48 billion) from
8.1 billion ringgit the previous month.
    Exports to China remained robust, rising 16.9 percent from a year earlier.
    But shipments to the United States fell 1.9 percent, due to lower demand for
electrical and electronic goods, and palm oil products. 

    KEY DATA   
    (Exports and imports in percent, trade in billions of ringgit)      
                 June    May    April   March    Feb     Jan    Dec     Nov
    Exports      78.7    82.1    84.2    84.5   70.3    82.9    79.3   83.5
                                                                       
     y/y%        7.6     3.4      14     2.2    -2.0    17.9    4.7    14.4
    Imports      72.6    74.0    71.2    69.8   61.3    73.2    72.1   73.6
                                                                       
     y/y%        14.9    0.1     9.1     -9.6   -2.8    11.6    7.9    15.2
    Balance      6.0     8.1     13.1    14.7    9.0    9.7     7.3    10.0
                                                                       
 
    MAIN EXPORTS
                         June 2018     % of      % change  
                                                     
                         (bln rgt)    total    vs year ago 
                                                     
 Electrical &              29.9        38.0        6.9
 Electronic Products                           
 Petroleum products         6.3        8.0         33.9
 Chemicals and              4.5        5.7         31.6
 chemicals products                            
                                               
 Manufactures of metal      4.0        5.1         42.9
 Machinery                  3.6        4.6         10.4
 Palm oil & Palm-based      3.1        4.0        -26.8
 agricultural products                         
                                               
 Optical and                2.9        3.7         30.9
 scientific equipment                          
 Liquefied natural gas      2.7        3.5        -31.2
                                               
 Crude petroleum            2.4        3.0         25.3
 Rubber products            2.2        2.7         7.2
    
  EXPORT MARKETS                    
                  June 2018       % of      % change       
                  (bln rgt)      total       vs year ago    
                                                    
 China               11.4         14.5            16.9
 Singapore           10.7         13.6            -0.3
 USA                 7.0           8.9            -1.9
 Japan               5.2           6.6           -14.5
 Thailand            4.4           5.5            13.2
 ($1 = 4.0800 ringgit)

 (Reporting by Rozanna Latiff; Editing by Gopakumar Warrier)
  
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