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.
Author: Alexandros Petropoulos,