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Bimb Research Highlights

Author: kltrader   |   Latest post: Fri, 15 Feb 2019, 04:40 PM

 

Economics - Exports grew at slowest pace since December 2015

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  • November exports grew by 1.6% yoy; imports eased to 5.0%
  • Trade surplus narrowed to RM7.6bn
  • Weaker export performance was mainly due shrinking demand for E&E products and agriculture
  • Global export weakened in November
  • Slower export growth as trade war bites

Malaysia’s export grew by 1.6% yoy in November, the lowest in three years (Dec’15: 1.4%) after surging by 17.7% yoy in the previous month. Nevertheless, export value remained strong in November and stood at RM84.8bn. The slower pace of growth in November was a result of moderating sectoral performance as well as a sharp drop in demand from China and a contraction in exports of manufactured goods to the US. Likewise, imports eased to 5.0% yoy to RM77.2bn in November from 11.4% rise recorded in a month before. As a result, trade surplus fell sharply in November after hitting its highest-ever trade surplus a month earlier. November’s trade surplus stood at RM7.6bn, less than half the RM16.3bn registered a month earlier. This surplus marked the 253rd consecutive month of trade surplus since November 1997.

On monthly basis, exports plummeted by -12.0% in November after rising by 16.2% in the prior month. It was the largest drop since February when it fell by 15.1%. Likewise, imports declined 3.5% in November from an increase of 18.2% logged in the preceding month. On seasonally adjusted terms, exports shrank by -12.9% whilst imports rose by 1.2%.

Total trade in November 2018 was up by 3.2% yoy to RM162.0bn as compared to RM157.0bn in the corresponding period of last year. For the period of Jan-Nov 2018, total trade amounted to RM1.72tn, up by 6.2% yoy. Exports expanded by 6.9% to RM914.7bn while imports increased by 5.3% to RM805.1bn. Trade surplus grew by 20.2% to RM109.6bn compared to the corresponding period of 2017.

Source: BIMB Securities Research - 7 Jan 2019

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