Economists see Malaysia's exports to expand amid improved manufacturing sector

0 Comment(s)Print E-mail Xinhua, June 5, 2024
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KUALA LUMPUR, June 5 (Xinhua) -- Economists have foreseen Malaysia's outbound shipments to expand faster in the second half amid renewed improvement in manufacturing sector conditions.

MIDF Research said in a note on Wednesday that the return of optimism among Malaysia's manufacturers signaled a better external trade performance and industrial activities moving forward, particularly in the second half.

"We believe outbound shipments of manufactured goods including electrical and electronics products, refined petroleum, chemicals and machinery and equipment to expand faster in the second half," said the research house.

MIDF also expects a steady expansion of palm oil and mining exports amid stable global commodity prices.

"On that note, we reiterated our expectation for exports of goods in Malaysia to rebound and expand by 5.2 percent in 2024," it said.

Meanwhile, PublicInvest Research said in a note on Wednesday that Malaysia's manufacturing sector is poised for positive growth in 2024, supported by promising global semiconductor market projections

According to the research house, E&E exports, comprising over 40 percent of Malaysia's total exports, are expected to benefit significantly.

"Despite risks from geopolitical tensions and economic uncertainties in key trading partners, Malaysia's exports are projected to rise by 5.4 percent this year," it said.

It noted that enhanced economic governance, reflected in the improved competitiveness ranking, further bolsters this outlook.

Kenanga Research also said Wednesday that it continued to expect a robust recovery in the manufacturing sector and export-oriented industries in the second half of the year.

"Our outlook is mainly backed by the technology upcycle coupled with the expected recovery of China's economy and overall global trade activities," said the research house.

Nevertheless, it noted that ongoing geopolitical crises would likely pose a significant downside risk to the economic outlook due to the impact on global supply chain and trade activities.

"However, given the better-than-expected first-quarter gross domestic product (GDP) growth at 4.2 percent, we firmly stand with our bullish outlook on GDP, with the estimated projection of 4.5 percent to 5 percent for 2024, which is appeared to be aligned with government projection of 4 percent to 5 percent," it said. Enditem

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