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Malaysia's exports to expand at slower pace in H1 2023 -- RHB Investment Bank

17/11/2022 06:58 PM

KUALA LUMPUR, Nov 17 (Bernama) -- RHB Investment Bank Bhd expects Malaysia's exports to continue their expansion momentum in the next three to six months, albeit at a softer pace, as global growth is on a slowing path.

The investment bank said the weakness in exports of electrical and electronics and commodity-based products might become more pronounced in the first half of 2023 following the moderation in global demand.

“The semiconductor sales have started to soften as demand for consumer products is slowing, dragged by slower global demand, elevated inflationary pressures as well as the impact from geopolitical tensions,” it said in a note today.

The bank said that in terms of destination, slower outbound shipments to major economies like the United States (US) and the European Union (EU) are observed.

“Notwithstanding the weakness from the external front, the economic growth is expected to stay robust amid continued support from domestic economic activities as indicated by resiliency in capital and consumer goods imports,” it said.

Earlier today, the Ministry of International Trade and Industry (MITI) said that Malaysia's exports rose by 15 per cent to RM131.63 billion in October -- the 15th consecutive month of year-on-year (y-o-y) growth.

MITI also said that export growth to major trading partners, notably ASEAN, China, the US, the EU and Japan, was mainly boosted by higher shipments of petroleum products, electrical and electronics products, liquefied natural gas as well as crude petroleum.

-- BERNAMA


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