Malaysia’s exports rebounded at a stronger pace than economists estimated in November as shipments of electronics and petroleum products increased.
Overseas shipments gained 3.3 percent from a year earlier after declining 3.2 percent in October, the Trade Ministry said in a statement today. The median of 16 estimates in a Bloomberg News survey was for 2.3 percent growth.
The World Bank last month raised its outlook for emerging East Asia nations, citing China’s recovery, even as the export- dependent region faces risks from Europe’s protracted sovereign debt crisis. Malaysia’s economic growth has exceeded 5 percent in the five quarters through September, underscoring the central bank’s decision to keep interest rates unchanged since July 2011.
“There is an expectation of a marginal pick-up in global trade,” Suhaimi Ilias, an economist at Maybank Investment Bank in Kuala Lumpur, said before the report. “For the whole of 2013, Malaysia’s exports will slightly improve from last year.”
Imports climbed 4.3 percent in November from a year earlier, after gaining 5.7 percent the previous month, today’s report showed. The trade surplus narrowed to 9.3 billion ringgit ($3.1 billion) from 9.6 billion ringgit in October.
The government expects trade to grow 5 percent this year, Bernama news service said this week, citing International Trade and Industry Minister Mustapa Mohamed.
To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at email@example.com
To contact the editor responsible for this story: Stephanie Phang at firstname.lastname@example.org