Malaysia’s exports dropped 3% on a year earlier in September, below the 2% decline expected by economists. Japan was the worst performing destination, with a 12% decline in exports likely explained by a 20% drop in LNG exports. Semiconductor and electronic components exports, which make up 49% of exports to China according to Panjiva data, increased just 0.3%. Exports to the U.S. have been a bright spot, rising for the sixteenth month in September. Yet, seaborne exports in October fell 0.2% suggesting this support to growth may be evaporating.
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