Exports bounced back to expand strongly by 36.4% yoy in March, from +18.4% in February but off a peak of +37.1% in January, as workers returned to work after the Chinese New Year holiday break. This was the fourth consecutive month of increase and it came in better than consensus and our estimate of 31% and 13% respectively,
on the back of a sustained increase in global demand. As a result, we have revised upward our nominal exports forecast for 2010 to 17.5%, from +8.5% projected previously. In the same vein, we are in the midst of revising our real GDP forecast for 2010, on the back of a stronger-than-expected growth in exports and the proposed RM12bn supplementary budget for 2010. Stronger growth in March’s exports was driven by a rebound in the exports of electronic & electrical (E&E) products and non-E&E manufactured goods. These were aided by a stronger growth in the exports of major commodity products during the month, due partly to higher prices.
Economic Highlights - Exports Picked Up Strongly In March - 5/5/2010
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