[ipagelist tag=malaysia-macro-2010 num=7]
December exports surprise on the upside, beating consensus expectations, but in-line with our own… — Exports jumped by 18.7% YoY in December (Nov: -3.3%), outperforming market expectations (12.5% YoY), but in-line with our expectations (18.6%).
Sharp jump in Asia-bound exports, especially to China — Exports to China (Dec: 99.3%, Nov: 52.6%), Singapore (Dec: 20.2%, Nov: 1.7%), and Thailand (Dec: 64.0%, Nov: 35.9%) rose sharply YoY. Exports decline to the US eased (Dec: -0.5%, Nov: -13.1%), while exports to Japan continued to fall by doubledigits (Dec: -33.3%, Nov: -29.6%).
Imports also outperformed expectations; trade surplus widens — Imports rose by 23.3% YoY, accelerating from the 2.3% increase in November, led by larger increases in imports of Intermediate goods (Dec: 18.8%, Nov: -4.4%), followed by Consumer goods (6.7%, Nov: 2.9%) and Capital goods (Dec: 25.3%, Nov:23.3%). With sequential growth in exports outperforming imports, the trade surplus widened in December to RM12.10bn from RM8.88bn in November (Consensus: RM9.35bn, CIRA: RM11.4bn).
December exports reaffirm BNM’s confidence on growth outlook; reinforcing likelihood of rate normalization in 1H10
Download Citi Research’s Malaysia Macro Flash (05 Feb 2010)
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