Monday, August 7, 2017

Exports Growth Slower In June Due To Festivities

Economic Research
7 August 2017

Economic Update

Export growth slowed in June to 10% YoY, mainly on the back of base effects and a distortive festive period. Shipments of both E&E and non-E&E categories saw growth easing in June. On a quarterly basis, exports remained robust at 20.6% YoY in 2Q17, sustaining its pace from the previous quarter. Given the strong performance in 1H, we are lifting both our gross export and import forecast to 15.2% and 18.6% in 2017 respectively, from 10% and 13% previously. Overall, the external outlook continues to be supported by:
1.   Improving global growth prospects into 2018;
2.   Strong global E&E demand, as seen in the recovery of global semiconductor sales;
3.   Recovery in demand for commodity products, aided by higher prices;

Economist:  Vincent Loo Yeong Hong  | +603 9280 2172
Economist:  Aris Nazman Maslan  | +603 9280 2184

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