Malaysia Trade Balance July 2020


Malaysia: Merchandise exports decrease in July

September 4, 2020

Merchandise exports fell 0.6% in annual and USD terms in July, contrasting June’s 5.3% increase. However, in ringgit terms, exports increased 3.1%, a more moderate expansion compared to the previous month (June: +8.0% yoy). July’s increase was driven by higher shipments of manufactured goods and agricultural commodities.

Meanwhile, merchandise imports plummeted 12.0% on an annual basis and in USD terms July (June: -8.0% yoy). As a result, the merchandise trade balance improved, recording a USD 5.9 billion surplus in July (July 2019: USD 3.9 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 34.8 billion surplus in July, compared to USD 32.8 billion surplus in June.

FocusEconomics Consensus Forecast panelists project merchandise exports to contract 10.9% and imports to decline 9.6% in 2020, with the trade surplus shrinking to USD 26.9 billion. In 2021, our panelists see exports and imports growing 8.9% and 8.5% respectively, with the trade surplus totaling USD 30.1 billion.


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Malaysia Trade Balance Chart

Malaysia Trade12m July 20 20

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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