Malaysia’s exports in March rose 2.2 percent against the same period last year and increased 2 percent month-on-month (Illustrative image. Source: VNA)

Kuala Lumpur (VNA) –
Malaysia’s exports in March rose 2.2 percent against the same period last year and increased 2 percent month-on-month, according to the Ministry of International Trade and Industry.

The ministry said Malaysia’s export growth was supported by higher shipments of manufactured goods, which registered a year-on-year increase of 3.7 percent.

Electronic and electrical products remained the major driver, rising 8.7 percent. The exports of crude oil also went up. However, shipments of farm produce slumped by 11.2 percent.

Malaysia mainly exported its products to Hong Kong, the EU, India, the Republic of Korea, Taiwan, and South Africa.

Meanwhile, Malaysia’s imports in March fell 9.6 percent year-on-year. 

The credit ranking agency Moody’s forecast Malaysia’s economic growth will reach 5.2 percent in 2018 underpinned by a range of large infrastructure projects that are expected to stimulate public and private investments.

Malaysia’s central bank said the Southeast Asian country recorded economic growth of 5.9 percent in 2017.-VNA