* June exports +5.0 pct y/y vs Reuters poll f’cast -0.4 pct
* June imports -1.5 pct y/y vs f’cast of -3.7 pct
* Trade surplus 7.98 bln rgt vs f’cast 5.5 bln rgt surplus
* Exports to China +49.3 pct y/y; to U.S. +9.5 pct y/y; to EU +15.6 pct y/y
KUALA LUMPUR, Aug 5 (Reuters) – Malaysia’s June exports unexpectedly
increased 5.0 percent from a year earlier as shipments to China surged,
government data showed on Wednesday.
According to the median forecast from a Reuters poll, economists had
forecast exports would decline 0.4 percent on weak liquefied natural gas (LNG)
and crude oil prices, although individual estimates varied widely.
While LNG and crude oil were weak, exports of palm oil, chemical products
and electronics all increased last month.
Imports were also better than expected, but still declined 1.5 percent from
last year due to slower consumer spending and a weaker ringgit. Economists had
prodicted a 3.7 percent drop.
It was the third consecutive month of falling imports since the government’s
implementation of a six percent Goods and Services Tax (GST) on April 1. The
ringgit is the worst performing emerging Asian currency in 2015, having fell
8.47 percent this year.
The Trade surplus in June grew to 7.98 billion ringgit ($ 2.06 billion) from
5.51 billion ringgit in May.
Exports to China increased 49.3 percent, the highest since January 2014, due
to larger shipments of petroleum products.
U.S. exports grew 9.5 percent on the back of strong demand for manufactured
goods, including electrical and electronic products.
For a graphic on Malaysia’s exports and imports, please click: http://link.reuters.com/xyb28s
KEY DATA
(Exports and imports in percent, trade in billions of ringgit)
June May April March Feb Jan Dec Nov
Exports 64.26 60.45 60.38 66.47 51.2 63.9 67.7 63.73
y/y% 5.0 -6.7 -8.8 2.3 -9.7 -0.6 2.7 2.1
Imports 56.28 54.94 53.49 58.64 48.6 57.6 58.5 52.6
y/y% -1.5 -7.2 -7.0 5.8 0.4 -5.3 4.2 0.0
Balance 7.98 5.51 6.89 7.82 4.52 9.01 9.2 11.13
MAIN EXPORTS
June 2015 % of % change
(bln rgt) total vs year ago
Electrical & Electronic Products 23.14 36.0 13.5
Palm oil 4.50 7.0 21.6
Liquefied natural gas 2.85 4.4 -45.2
Chemicals and products 4.61 7.2 15.1
Crude oil 2.07 3.2 -34.1
Refined petroleum products 4.52 7.0 -9.6
Machinery 3.11 4.8 12.4
Rubber products 1.56 2.4 9.2
EXPORT MARKETS
(bln rgt) % of total % yr/yr
China 9.65 15.0 49.3
Singapore 8.74 13.6 3.8
Japan 4.79 7.5 -25.1
USA 5.77 9.0 9.5
Thailand 3.81 5.9 11.9
($ 1 = 3.8770 ringgit)
(Reporting by Emily Chow; Editing by Kim Coghill)
