Malaysia Trade Balance November 2020


Malaysia: Growth in merchandise exports pick up in November

January 4, 2021

Merchandise exports increased 5.0% in annual and USD terms in November, accelerating markedly from October’s 1.1% rise. Similarly, export growth in ringgit terms accelerated to 4.3% in November from October’s 0.2%, beating market expectations of a 3.9% expansion. November’s increase was largely attributed to higher shipments of manufactured goods and palm oil.

Meanwhile, merchandise imports dropped at a faster pace, contracting 8.3% on an annual basis and in USD terms in November (October: -5.1% yoy). As a result, the merchandise trade balance improved notably, logging a USD 4.1 billion surplus in November (November 2019: USD 1.6 billion surplus). Lastly, the trend also picked up, with the 12-month trailing merchandise trade balance recording a USD 42.1 billion surplus in November, compared to the USD 39.6 billion surplus in October.

FocusEconomics Consensus Forecast panelists project merchandise exports to grow 10.2% and imports to increase 9.3% in 2021, with the trade surplus rising to USD 38 billion. In 2022, our panelists see exports and imports expanding 10.4% and 12.4% respectively, with the trade surplus totaling USD 37.9 billion.


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Malaysia Trade Balance Chart

Malaysia Trade12m November 20 20 0

Note: 12-month trade balance in USD billion and annual variation of the 12-month sum of exports and imports.
Source: Department of Statistics Malaysia (DSM) and FocusEconomics calculations.

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