Malaysian exports increased at a faster pace in May, lifted by higher oil prices and U.S. demand for semiconductors and electronics, a government ministry said Monday.
Exports rose 10.9 percent to 42.7 billion ringgit, or $11.2 billion, from a year earlier, the Trade Ministry said. That was faster than April's revised gain of 9.8 percent and exceeded the median forecast of an 8.9 percent increase in a Bloomberg survey.Oil and gas exports "continue to surprise on the upside," said Song Seng Wun, an economist at G.K. Goh Holdings in Singapore. "You've got demand being fairly strong, so basically Malaysia is just trying to get as much out from the ground or the sea." Malaysia, a net oil exporter, is benefiting from record-high oil prices, which helped the state petroleum company Petroliam Nasional post a record net profit of 35.6 billion ringgit in the year that ended in March. Improving overseas demand for semiconductors is also helping Malaysia's $118 billion economy, which relies on computer chips and other electronics for half its export revenue.
