Malaysia said today its exports, the mainstay of the economy, rose 10.6 percent year-on-year in August but at a slower rate than the previous month.

The trade ministry said in a statement that shipments had risen to RM52.85 billion (US$17 billion), while imports were up 16.5 percent to RM44.53 billion, producing a surplus of RM8.32 billion.

The increase was helped by higher exports of electrical and electronic products, liquefied natural gas, palm oil, chemicals and chemical products.

Electrical and electronic items account for about 40 percent of Malaysia’s total exports to key markets such as Singapore, China, United States, Japan and Hong Kong.

However July exports rose 13.5 percent from a year ago.

Export-dependent Malaysia, South-East Asia’s third-largest economy, was hit hard by the global slowdown but its economy has since rebounded with growth expected to exceed six percent this year.

The country last month unveiled a bold initiative to transform the economy over the next decade, creating 3.3 million jobs and propelling it towards developed-nation status by 2020.

- AFP