Malaysia

April 2008 | Ratings Update

Malaysian exports grew 14.5% y-o-y in February - their quickest pace since November 2006 - as sales of crude oil and palm oil buoyed the sector. Exports of crude oil were up 55.4% y-o-y, while palm oil shipments more than doubled, expanding by a massive 103.8%, but while this is indeed a positive development, downside risks to exports still remain. Crude oil accounts for only 7.6% of total exports while palm oil contributes just 8.0%. Electronic exports - the mainstay of the sector, accounting for 37.3% of overall shipments - dropped 6.0% y-o-y in February, boding ill for export performance going forward.

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