By Yantoultra Ngui
KUALA LUMPUR, Malaysia--Malaysia's exports staged a surprise rebound in November as shipments of electrical and electronics products and agriculture goods jumped, official data showed Friday.
Exports from Southeast Asia's third-largest economy rose 7.8% from a year earlier, compared with a 1.5% contraction forecast by seven economists surveyed by The Wall Street Journal, according to the Ministry of International Trade and Industry. In October, exports slumped 8.6% from the previous year mainly due to base effects.
The jump in November exports also marks the country's highest year-over-year increase since February.
Exports of manufactured goods were 7.9% higher in the month, driven mainly by a 13.2% jump in shipments of electrical and electronics products, according to a ministry statement.
Exports of agriculture goods rose 22.4%, led by higher shipments of palm oil and palm-based agriculture products.
Exports of mining goods, however, dropped 6.9% on a decline in shipments of liquefied natural gas and crude petroleum.
Exports to other Southeast Asian nations rebounded strongly in November, as did those to the European Union and the U.S. Exports to China jumped 12%.
Exports to Japan, however, declined 1.4% due to lower shipments of liquefied natural gas and crude petroleum.
The strong exports data come as the ringgit has weakened more than 6% against the U.S. dollar since Donald Trump's U.S. election victory in November. The ringgit is among the worst-hit currencies since Mr. Trump's presidential win.
Imports jumped 11.2% in November from a year ago, driven by higher imports of intermediate, capital and consumption goods, according to the latest data. The economists surveyed had predicted a 2.3% decline.
Imports in October fell 6.6%, weighed by lower imports of intermediate, capital and consumption goods.
The trade surplus narrowed to 9.03 billion ringgit ($2.02 billion) in November from MYR9.76 billion in October. Economists had expected a surplus of MYR10.85 billion.
Write to Yantoultra Ngui at email@example.com
(END) Dow Jones Newswires
January 05, 2017 23:29 ET (04:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.