Kenanga Investment Bank forecasts Malaysia’s exports to remain at 27pc this year

KUALA LUMPUR, Nov 21 — Kenanga Investment Bank Bhd expects 2022 exports will be retained at 27 per cent compared with 26.1 per cent last year supported by the weaker ringgit despite the expectation of a subdued fourth quarter 2022 outlook.

“This is also attributable to elevated commodity prices amid rising geopolitical tensions while also due to easing supply-chain pressures,” it said in a research note today. Meanwhile, total trade in October 2022 expanded by 21.1 per cent to RM245.18 billion, marking the 21st consecutive month of double-digit growth.

“This can be seen from the manufacturing sector, certain sub-products are coming off from their peaks including wood products and metal products which declined by 11.7 per cent and 8.1 per cent month-on-month, respectively.The research house said manufacturing of rubber products was already down to its pre-pandemic level at around RM2 billion compared to its peak of RM7.5 billion in April 2021.

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