KUALA LUMPUR: Malaysia's exports rose 1.5% to RM67.58bil in August from a year ago, exceeding economists' expectations of a decline of 2.3%, underpinned by higher exports of palm oil, and electrical and electronic (E&E) products including semiconductors.The Ministry of International Trade and Industry said on Friday when compared to July's exports of RM59.85bil, exports rose 12.9% to RM67.58bil in August, as exports to Singapore, China and the US increased.MTI pointed out that in seasonally adjusted terms, exports rose 9.0%.August's exports were mainly driven by an increase in palm oil and palm based-products, which rose RM1.1bil or 19.7% from RM5.6bil. Exports of E&E products increased 3% or RM743mil to RM25.82bil from RM25.08bil a year ago.There was also a 13.9% growth in crude petroleum exports to RM1.92bil from RM1.69bil contributed by the increase in export volume (+31.3%) as average unit value dropped 13.2%. The imports were higher than the survey of a 2% increase.Imports of intermediate goods rose RM2bil (+6.1%) from RM32.5bil. Total trade grew 3.0% or RM3.7bil on-year.In August, the country recorded a trade surplus of RM8.5bil, which was a jump of 346% or RM6.6bil in July. However, the trade surplus fell RM1.7bil or 16.9% on-year.

Source: The Star October 07, 2016 05:03 UTC