Malaysia: Merchandise exports grow at a slower pace in December
Merchandise exports rose 23.9% year-on-year in USD terms in December, cooling from November’s 31.2% upturn. Similarly, exports in ringgit terms increased 29.2% (November: +32.4% yoy). December’s slowdown was largely attributed to lower shipments of palm oil and petroleum products. Meanwhile, export growth of electrical and electronic products rose at a quicker pace in December.
Meanwhile, merchandise imports climbed 18.5% year-on-year in USD terms in December (November: +36.7% yoy), while in ringgit terms imports grew 23.6% (November: +37.9% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 7.3 billion surplus in December (November 2021: USD 4.6 billion surplus; December 2020: USD 5.1 surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 60.9 billion surplus in December, compared to the USD 58.7 billion surplus in November.