Malaysia: Merchandise export growth gains steam in October
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.