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Financial News: Malaysia Exports Surge More Than Expected In May

Malaysia Exports Surge More Than Expected In May

07/07/2017 - 00:33:00 (RTTNews)

(RTTNews) - Malaysia's exports grew at a faster-than-expected pace in May, figures from the Department of Statistics showed Friday.

Exports jumped 32.5 percent year-over-year in May, well above the 23.4 percent spike economists had forecast.

Shipments of electrical and electronic products, which accounted for 36.0 percent of total exports, climbed 31.3 percent annually in May. Exports of refined petroleum products alone expanded by 75.6 percent.

Imports surged 30.4 percent in May from a year ago, much faster than the 19.4 percent expected growth. The increase in imports was attributed to intermediate goods, capital goods and consumption goods.

The visible trade surplus of the country rose to MYR 5.5 billion in May from MYR 3.3 billion in the corresponding month last year. The expected surplus for the month was MYR 6.89 billion.

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