KUALA LUMPUR, Feb 5 (Reuters) – Malaysia’s exports grew 1.4 percent in December, far slower than forecasted by economists, due to continued weakness in global demand for commodities.
The median forecast from a Reuters poll of analysts had predicted a 5 percent expansion.
The global economic malaise has hit Southeast Asia’s third-largest economy hard, especially with the slowdown in demand for commodities in China, Malaysia’s biggest single trade partner.
The official data released on Friday showed December’s earnings figures again showed sluggish earnings from liquefied natural gas, reflecting the trend from November’s data, while electronics and electrical products – Malaysia’s mainstay exports – showed positive growth.
Malaysia has had to pare down its 2016 Budget late last month with estimated savings of up to 9 billion ringgit ($ 2.17 billion) after oil prices fell below $ 35 a barrel, far off the government’s estimated average of $ 48 a barrel for Brent crude. ($ 1 = 4.1450 ringgit) (Reporting by Joseph Sipalan; Editing by Simon Cameron-Moore)
