COVID–19 NEWS   Japan registers record 250,403 COVID-19 cases within past 24 hours | COVID: Malaysia records increase in new cases, fatalities - Dr Noor Hisham | New COVID-19 cases drop 5.2 pct last week - Health Dg  | Witness still COVID-19 positive, Ahmad Zahid's corruption trial postponed | Japan's daily COVID cases top 180,000, set fresh record amid 7th wave | 
BUSINESS

Slowdown in EU a key risk for ASEAN exports - S&P

17/06/2022 12:27 PM

KUALA LUMPUR, June 17 (Bernama) -- A significant slowdown in the European Union (EU) economic growth is a key vulnerability for Asean exports amid the economic bloc’s importance as a key export market for many Southeast Asian economies, said S&P Global Market Intelligence today.

Its Asia-Pacific chief economist Rajiv Biswas said “a much greater vulnerability” for the Asean region is from the macroeconomic shocks to major economies in the EU from the Russia-Ukraine war, notably through higher energy prices and potential disruption of Russian oil and gas supplies to the EU. 

He said Malaysia’s direct exports to Russia are very small, accounting for around 0.3 per cent of total Malaysian merchandise exports.

“A more significant vulnerability is from the negative economic shock of the Russia-Ukraine war on the economies of Western Europe, since the EU accounts for 8.4 per cent of Malaysia’s merchandise exports,” Rajiv said in S&P Global Market Intelligence’s “Week Ahead Economic Preview” released today.

He noted that Malaysia’s manufacturing exports have shown strong growth in early 2022, with a 17.8 per cent year-on-year growth for the first four months of the year, helped by rising exports of electrical and electronics products, petroleum products and chemical products. 

 As a major exporter of commodities, Rajiv said Malaysia was also benefiting from higher world prices for oil and gas as well as palm oil.

Malaysia’s exports of mining goods rose by 60 per cent year-on-year in the first four months of 2022, helped by rising export values for liquefied natural gas and petroleum products.

Palm oil and palm oil-based products accounted for 7.8 per cent of Malaysia’s merchandise exports by value in 2021.

Helped by surging palm oil prices, Malaysia’s exports of palm oil and palm oil-based agricultural products rose by 70 per cent year-on-year in the first quarter of 2022. 

-- BERNAMA

 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy