Malaysia Trade Balance November 2021


Malaysia: Merchandise export growth hits five-month high in November

December 28, 2021

Merchandise exports grew for the fourth successive month, with growth coming in at 31.2% year-on-year in USD terms in November, up from October’s 25.4% increase. Similarly, exports in ringgit terms expanded 32.4% (October: +25.5% yoy). The upturn was largely attributed to higher shipments of electrical and electronic goods as well as for palm oil products.

Similarly, merchandise import growth accelerated to 36.7% year-on-year in USD terms in November (October: +27.8% yoy), while in ringgit terms imports grew 38.0% (October: +27.9% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.5 billion surplus in November (October 2021: USD 6.3 billion surplus; November 2020: USD 4.1 billion surplus). Meanwhile, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 58.7 billion surplus in November compared to the 58.3 billion surplus in October.

FocusEconomics Consensus Forecast panelists project merchandise exports to grow 6.0% and imports to increase 7.0% in 2022, with the trade surplus rising to USD 53.9 billion. In 2023, our panelists see exports and imports expanding 7.3% and 9.0% respectively, with the trade surplus totaling USD 53.5 billion.


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Malaysia Trade Balance Chart

Malaysia Trade12m November 2021 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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