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Financial News: Malaysia Export Growth At 6-month High

Malaysia Export Growth At 6-month High

12/28/2021 - 04:36:00 (RTTNews)

(RTTNews) - Malaysia's exports and imports grew at the fastest pace in six months during November and the trade surplus increased from the same month last year, data from the statistical office showed Tuesday.

Exports grew 32.4 percent year-on-year after a 25.5 percent increase in October. That was the fastest rise since May, when exports jumped 47 percent. The increase was driven mainly by domestic exports, which surged 34.3 percent, as well as re-exports, up 23.9 percent.

Imports rose 38.0 percent year-on-year following a 27.9 percent growth in the previous month. That was the fastest gain since May's 48.4 percent.

China and Singapore continued to be major country of destinations for Malaysian exports and major country of origin for the nation's imports.

The trade surplus grew to MYR 18.90 billion from MYR 17.10 billion in the same month last year. In October, the surplus was MYR 26.30 billion.

Exports shrank 1.9 percent from the previous month, while imports grew 5.9 percent. The trade surplus decreased 28.1 percent.

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