Malaysia saw lower exports in 3Q18

KUALA LUMPUR: The country’s exports grew 5.2 per cent to RM251 billion in the third quarter of 2018 as compared to 8.2 per cent with a value of RM245 billion in the previous quarter.

According to the Statistics Department, major products contributing to the increase are the electrical and electronic (E&E) products which recorded a 10.7 per cent increase to RM9.6 billion followed by crude petroleum which recorded a strong growth of 70.6 per cent, while refined petroleum increased by 2.8 percent.

Imports dropped slightly by 6.3 per cent to RM225.8 billion from 7.7 per cent to RM217.8 billion from the previous quarter.

Meanwhile, the Consumer Price Index (CPI) in the third quarter moderated to 0.5 per cent compared to 1.3 per cent in the second quarter.

The Producer Price Index (PPI) rose by 0.1 per cent as compared to a drop of 0.4 per cent in the second quarter of 2018.

This growth was supported by rising prices for goods transacted in mining and electricity and gas supplies.

On the labour market performance, the department said the sector rose 2.6 per cent in the third quarter of 2018 to 14.9 million based on the Labour Force Survey.

“Workers headcount in the manufacturing sector expanded 1.9 per cent while salaries and wages of the sector increased 9.6 per cent after posting 10.1 per cent in the previous quarter,” said the department.

“At the same time, workers in the services sector grew 2.7 per cent and salaries grew 3.9 per cent while the unemployment rate was at 3.4 per cent.”

Overall, the economy’s leading indices showed slower growth in the third quarter from the previous quarter.

Source: NST