Malaysian exports increased 1.6% in August on a year earlier, reversing a 5% slide in July and beating analysts’ expectations of a 1.5% drop. A 40% rebound in palm oil prices likely explains the outperformance. Exports to China were still down 1%, but this compares to a prior 22% fall and may suggest a recovery in semiconductor exports to China. The U.S. remains supportive – exports increased every month since May 2015, and Panjiva data shows another 8% expansion is possible in September.