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Malaysia's exports rise the most in 11 years |
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Monday, 08 March 2010 |
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Malaysia’s exports surged by the most in more than 11 years in January as manufacturers shipped more goods to China and Europe amid a global economic recovery.
“It reflects the solid rebound over the past year, paralleling that across the region on the turnaround in global demand,” David Cohen, a Singapore-based economist at Action Economics, said before the report.
Malaysia’s recovery is “firmly established” as the nation emerges from its recession, the central bank said yesterday as it raised interest rates for the first time in almost four years. International Trade and Industry Minister Mustapa Mohamed said this week exports of Sime Darby Bhd. palm oil and other goods may climb at twice the pace predicted earlier in 2010.
“The economic recovery in Malaysia is now starting to appear sustainable, although the path of recovery is likely to be uneven over the next few months,” Rahul Bajoria, an economist at Barclays Capital in Singapore, said before the report. “Meanwhile, the inflation picture is benign. We believe Bank Negara Malaysia will adopt a gradual approach to monetary tightening at least in the next three to nine months.”
Shipments to China, Malaysia’s biggest market during the month, more than doubled in January from a year earlier to 7.1 billion ringgit. Exports to the U.S., the European Union and Japan also gained. THE END
Source: BusinessWeek |
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