Malaysia: Merchandise exports rebound in June
August 5, 2020
Merchandise exports soared 6.1% in annual and USD terms in June, rebounding solidly after May’s 28.6% dive amid the global lockdown to combat the coronavirus. In ringgit terms, exports jumped 8.8%, contrasting May’s 25.5% contraction. The rebound was driven by rising sales of manufactured and agricultural products, while mining sales dropped in June.
Meanwhile, merchandise imports plunged 8.0% on an annual basis and in USD terms in June (May: -33.2% yoy). As a result, the merchandise trade balance improved, recording a USD 4.9 billion surplus in June (June 2019: USD 2.5 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 32.1 billion surplus in June, compared to USD 29.8 billion surplus in May.