Malaysia’s exports fell 5.3% in July, confounding the 2.5% growth expected by economists surveyed by Reuters. The main culprit is semi-conductors sent to China. Total China-bound exports fell for a fifth month, while Panjiva data shows a 16.9% drop in semiconductor exports to China in July. The U.S. saw an increase in imports from Malaysia, which likely continued in August with a further 6.5% growth.