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Malaysia's May exports rise 47.3% on-year, below forecast

Malaysia's May exports rise 47.3% on-year, below forecast

FILE PHOTO: A container is seen near Northport in Klang outside Kuala Lumpur June 6, 2014. REUTERS/Samsul Said (MALAYSIA - Tags: BUSINESS)

KUALA LUMPUR: Malaysia's exports rose 47.3 per cent from a year earlier in May, the fourth straight month of double-digit growth, though the pace of expansion was slower than expected, government data showed on Monday (Jun 28). 

Economists surveyed by Reuters had expected May exports to rise 56.8 per cent on-year. In April, exports had grown 63 per cent, the fastest expansion since February 1998.

May's export growth was driven mainly by robust demand for electrical and electronic shipments, rubber goods as well as petroleum products, data from the International Trade and Industry Ministry showed.

Imports in May grew 50.3 per cent from a year earlier, compared to a 24.4 per cent rise in April, the data showed. Analysts were expecting a 50.1 per cent increase.

Malaysia's trade surplus in May narrowed to 13.7 billion ringgit (US$3.30 billion) from 20.5 billion ringgit the previous month. Analysts had forecast a surplus of 21.7 billion ringgit.

Source: Reuters

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