Malaysian exports growth slows
Thursday, 12 January 2012
KUALA LUMPUR, Jan 11 (AFP): Malaysia said Wednesday its exports growth eased to 8.0 per cent year-on-year in November due to softening in demand from traditional markets such as Singapore, Thailand and the United States.
The trade ministry said Malaysian overseas shipments, the main engine of the country's economy, hit 56.86 billion ringgit ($18.07 billion).
That compares with October's 15.8 per cent surge to a record high on the back of stronger demand for palm oil, rubber and energy products.
However, strong demand in November for energy products and iron and steel especially from Japan helped to sustain growth.
"The smaller growth in Malaysian exports and other export-oriented Asian countries are broadly in line with regional export trends which are feeling the impact of the slowdown in demand in advanced economies," said Yeah Kim Leng, chief economist with financial research firm RAM Holdings.
The trade ministry said Malaysian overseas shipments, the main engine of the country's economy, hit 56.86 billion ringgit ($18.07 billion).
That compares with October's 15.8 per cent surge to a record high on the back of stronger demand for palm oil, rubber and energy products.
However, strong demand in November for energy products and iron and steel especially from Japan helped to sustain growth.
"The smaller growth in Malaysian exports and other export-oriented Asian countries are broadly in line with regional export trends which are feeling the impact of the slowdown in demand in advanced economies," said Yeah Kim Leng, chief economist with financial research firm RAM Holdings.