Malaysia: Exports unexpectedly contracted in March – UOB – by pabspiovano Malaysia TradeBalance Banks
UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting review the latest trade balance figures in Malaysia.“Gross exports posted its first month of contraction since Aug 2020 at 1.4% y/y last month , primarily reflecting the effects of high statistical base a year ago, dimmer world economic, and global tech downcycle. The outturn came in line with our estimate but better than Bloomberg consensus . Gross imports also reversed course and fell by 1.
“The negative turn in Malaysia’s exports last month is in line with our expectation as we have been long warning of a statistical payback after two consecutive years of high base effects, particularly from Mar onwards. Lingering global recession risks amid a tighter monetary policy environment will continue to suppress global demand this year.
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