Malaysia Trade Balance October 2021

Malaysia

Malaysia: Merchandise export growth gains steam in October

November 29, 2021

Merchandise export growth accelerated for the third month running, coming in at 25.3% year-on-year in USD terms in October, above September’s 23.9%. Similarly, exports in ringgit terms expanded 25.5% (September: +24.7% yoy). The upturn was largely attributed to higher shipments for palm oil products as well as for electrical and electronic goods.

Similarly, merchandise imports rose at a quicker pace of 27.8% year-on-year in USD terms in October (September: +25.7% yoy), while in ringgit terms imports grew 27.9% (September: +26.5% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 6.3 billion surplus in October (September 2021: USD 6.3 billion surplus; October 2020: USD 5.4 billion surplus). Similarly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 58.3 billion surplus in October compared to the 57.3 billion surplus in September.

FocusEconomics Consensus Forecast panelists project merchandise exports to grow 5.7% and imports to increase 6.5% in 2022, with the trade surplus rising to USD 53.1 billion. In 2023, our panelists see exports and imports expanding 7.9% and 12.1% respectively, with the trade surplus totaling USD 46.8 billion.


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Malaysia Trade Balance Chart


Malaysia Trade12m October 2021

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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