Malaysia Exports grew stronger than expected in May-22, says MIDF in its latest report.
It says Malaysia’s total trade expanded further by +33.6%yoy to RM228.4b in May-22. Exports grew faster at +30.5%yoy in May-22 (Apr-22: +20.8%yoy).
"This is higher than our estimate supported by stronger shipments to regional countries and re-exports," says the analyst firm.
Meanwhile, imports growth grew even faster at +37.3%yoy in May-22 (Apr-22: +22.1%yoy).
E&E remains a major contributor to exports growth. By sector, manufacturing and agriculture exports rose stronger in May-22, while the rise in mining exports was more moderate than earlier month.
Sustained growth in manufacturing exports (May-22: +27.3%) was supported among others by stronger shipments of E&E and machinery, equipment & parts, as well as rebound in exports of petroleum products.
"Maintain our growth projection for both exports and imports. For now, we maintain our projection for exports and imports to grow at +16.9% and +19.2%, respectively, this year.
"Despite the robust trade performance in May-22, the stronger growth was also explained by the lower base in May-20." says MIDF.