Malaysia’s exports beat estimates in February
The stronger exports were attributed to higher palm oil demand and increase in shipments of electrical and electronic products to the US. Palm oil exports climbed 6.6% on the year in February while shipments to the US surged 21% from a year earlier to RM2.21 billion ($561.3 million) on the back of stronger technological equipment shipments. Shipments to China also rose 12% in February. However, exports of liquefied natural gas and crude oil fell 34% and 14%, respectively in February.
Imports, meanwhile, moved higher by 1.6% year over year in February, exceeding economists’ projections of a 1.5% decline. Malaysia’s February’s trade surplus also widened to RM7.35 billion ($1.86 billion) from RM5.39 billion ($1.40 billion) in January.
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