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Old Posted Apr 27, 2021, 8:17 PM
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Record trade expansion signals Malaysia's recovery speed: Moody's Analytics
By NST Business
March 30, 2021 @ 12:08pm

KUALA LUMPUR: The strong expansion in February exports and imports is a welcome sign that Malaysia's economic recovery is gaining speed, Moody's Analytics said.

The country's trade performance reached a new high last month as it continued its positive growth momentum and outperformed all expectations.

Exports accelerated by 17.6 per cent year/on-year (y-o-y) to RM87.57 billion, and imports increased 12.7 per cent to RM69.7 billion despite the high base effect from February last year, before the pandemic hit the country in March.

The trade surplus widened to RM17.86 billion last month.

The firm said since the start of the year, Malaysia's exports had recorded double-digit growth of 11.7 per cent to RM177.19 billion compared with the same period in 2020.

The strong export performance was mainly thanks to higher demand for semiconductors in smart devices and the automotive industry as global economic activities continue to recover.

"On the other hand, a surge in imports signaled strengthened domestic demand for consumption goods and investments."

Moody's Analytics said exports had maintained positive year-over-year growth for six consecutive months.

The manufacturing sector, which contributes almost 90 per cent of exports, drove the growth.

Exports expanded on the back of increased global demand, notably for electrical and electronic products, mainly semiconductors and rubber products.
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