Saturday, September 10, 2011

Malaysia exports up 7.1% in July

KUALA LUMPUR: Malaysia said on Friday its exports, the mainstay of the country's economy, increased 7.1 percent year-on-year in July, easing from the previous month as the global economy slows down.

The trade ministry said exports grew to 59.24 billion ringgit ($19.80 billion) while imports reached 49.79 billion ringgit, up 2.9 percent year on year.

The export growth was led by higher shipments of palm oil, liquefied natural gas, and chemicals and chemical products, which accounted for more than one-fifth of all exports.

The pace of exports was slower than June's 8.6 percent year-on-year increase and down from the 13.5 percent growth seen in July 2010.

Yeah Kim Leng, group chief economist with financial firm RAM Holdings, called July's export performance "moderate, within expectation" as Europe and the United States struggle with debt crises and Japan recovers from its earthquake and tsunami disasters.
 

Source : MediaCorp Pte Ltd 

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