Malaysia: Growth in merchandise exports pick up in November
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.