Malaysia achieved its biggest trade surplus in three months in June, buoyed by energy exports, but a drop in imports of intermediate goods could mean the country's trade-reliant economy may be starting to feel the pinch from global economic slowing.

The Southeast Asian country on Wednesday reported a surplus of RM9.2 billion ($2.97 billion) for June, double May's RM4.6 billion and above the RM7.9 billion of a year earlier.

It was the biggest surplus since March's RM10.5 billion.

The June surplus was above the median forecast of RM5.2 billion by 17 analysts polled by Reuters .

Exports were up 5.4 percent, above the median forecast of 3.3 percent while imports rose 3.6 percent, compared with an 8.6 percent forecast.

electronic factory worker 231208 In May, exports rose 6.7 percent from a year earlier, while imports had jumped 16.2 percent on year.

Exports of electronic products, which are one-third of Malaysia's total, rose 2.1 percent in June on year, while exports of liquefied natural gas rose 25.6 percent.

In June, imports of intermediate goods - used to make other products, usually to be exported - fell 5.3 percent, in a indication global slowing may be starting to affect Malaysia's industrial output.

On Thursday, Malaysia will report industrial output data for June.

Azrul Azwar Ahmad Tajudin, chief economist of Bank Islam, said he is concerned the import numbers "could imply slower momentum in domestic demand.

"The 5.3 percent decline in intermediate goods could translate into sluggish industrial production for the next few months."

palm oil plantation 111005 With falling commodity prices - earnings from palm oil in June were 14 percent below a year earlier - Azrul said Malaysia "is losing an important cushion to face sluggish global demand for manufactured goods."

June's 5.4 percent rise for exports showed how Malaysia depends on strong Asian demand for liquefied natural gas and petroleum products to shore up sluggish growth in electronic shipments.

A drop in exports of electrical and electronic items to the EU were offset by rises for China, the United States and Japan.

In June, Malaysia's exports to China were up 13.2 percent from a year earlier while they rose 4.9 percent to the US Exports to the European Union were down 8.4 percent.

Malaysia's economy grew at an annual pace of 4.7 percent in the first quarter of 2012, slowing from the previous three months as firm domestic demand helped offset an export drop.

- Reuters