Tuesday, September 08, 2009

Malaysian Exports Fell 22.8% Compared To A Year Ago But It's Better Than Expected.

Malaysian exports fell a whopping 22.8% compared to a year ago.

But hey, that's not a worry!

It's better than expected and when compared to last month's figures, export grew 8.4%!

Ah... I shouldn't blame our press media for such bullish statements!

We are not the only ones making such statements.

Anyway.. for what's it's worth, let's have some fun with numbers. Let's assume we were at 100 a year ago.

A 22.8% fall means we are now at 77.2.

And since this is an improvement (lol.. or should I use the word 'growth' :p) of 8.4%, this means last month, we were at 70.7.

So we used to be 100. Last month we were at 70.7. Now we are 77.2. Hey things are looking up yo!

Time to celebrate by having a bull run on the markets.

What say you?

Here's the Business Times article.

  • Malaysia July exports down 22.8pc year-on-year
    By Rupa DamodaranPublished: 2009/09/08

    MALAYSIAN exports in July fell a better-than-expected 22.8 per cent from a year ago as major economies continued to reel from the global recession and the decline was made worse by the fact that 2008 was a good year for trade.

    However, July exports grew 8.4 per cent from June and this is the fifth straight monthly gains this year, on the back of an increase in exports of electrical and electronic products.

    According the Ministry of International Trade and Industry (Miti), July's exports of RM48.87 billion was the highest monthly export value so far this year.

    "The fifth consecutive monthly gain is one of the positive indicators that the industry is returning to normal levels, as manufacturers were replenishing inventories in anticipation of stronger sales in the second half-year," said AmResearch senior economist Manokaran Mottain.

    Compared to a year ago, however, exports declined 22.8 per cent in July while imports were lower by 16 per cent.

    A Business Times poll expected exports to fall 24 per cent and imports by -21.79 per cent.

    Manufactured exports in July increased by 11 per cent compared with June, due mainly to higher exports of E&E products (42.2 per cent), chemicals and chemical products (6.1 per cent), iron and steel products as well as optical and scientific equipment.

    Singapore, China, the US, Japan and Hong Kong were the top five export destinations of the month.

    Compared to June, exports to Asean also increased in July by 6 per cent, mainly due to higher E&E and petroleum products.

    Exports to China increased by 14 per cent while exports to the US saw a 10.6 per cent increase due to higher shipments of E&E products.

    Exports to the European Union rose 10.5 per cent from June although exports to Japan declined on lower exports of liquefied natural gas and E&E products.

    Miti said imports rose 14.2 per cent from June.

    Mottain said global semiconductor sales rose 5.3 per cent in July from June, reflecting a pick up in demand for products such as netbooks and cell phones, according to the Semiconductor Industry Association (SIA).

Here's Star Business article. It's simply better!

July export value highest in first seven months this year