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Investing.com -- Malaysia’s exports increased by 6.8% in July compared to the same month last year, significantly outperforming economists’ expectations of a 3.9% decline, according to government data released Tuesday.
The unexpected growth was primarily driven by a surge in shipments of electrical and electronic products, the statistics department and trade ministry data showed.
Trade with Singapore saw a substantial increase, with exports to the neighboring country jumping 22.2%. Exports to China also performed well, rising 6.8% year-on-year.
On the import side, Malaysia recorded a 20.6% increase in capital goods imports.
However, other import categories showed declines, with intermediate goods falling 17.8% and consumption goods dropping 5%.
The strong export performance comes at a time when many economists had anticipated a contraction in Malaysia’s overseas shipments.
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