Macroeconomic Forecast Malaysia

Annual export growth slowed to 5.7% y-o-y in November, down from an 11-month high of 14.2% in October, as demand for electronics and electrical products in key US and European export markets softened. However, November's export figure did beat a consensus forecast for a 4.8% expansion, as strong commodity prices and demand from China and ASEAN countries supported demand for Malaysian shipments. We expect this theme to continue throughout H108, as commodity exports and regional demand compensate for weaker demand for electronic goods and slower economic growth in western countries.

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