Malaysia's exports rose in May amid a surge in palm oil shipments

Malaysia's exports rose in May amid a surge in palm oil shipments, though the pace of growth was slower than expected, government data showed today.

Exports grew 2.5 percent in May from a year earlier, below the 3.6 percent expansion forecast by economists in a Reuters poll. In April, exports had risen 1.1 percent.

Agricultural exports rose in May for the first time in 15 months, surging 15.3 percent year-on-year on the back of higher shipments of palm oil, a major export commodity for Malaysia, data from the International Trade and Industry Ministry showed.

Exports of manufactured goods, which accounted for more than 84 percent of total exports, grew 3.1 percent in May, the data showed.

Exports of mining goods, however, fell 10.9 percent on lower volumes of crude oil and liquefied natural gas.

Imports grew 1.4 percent in May from a year earlier, easing from the 4.4 percent rise seen in April.

Malaysia reports trade data in ringgit.

Trade surplus in May narrowed to RM9.1 billion (US$2.2 billion) from RM10.9 billion in the previous month.

Exports to China, a major trading partner, declined 2.2 percent amid lower shipments of manufactured goods.

Exports to the United States, however, jumped 11.7 percent on higher demand for electrical and electronic products, palm oil and related products, and other manufactured goods.

- Reuters