Malaysia: Merchandise exports rebound strongly in September, increasing at fastest pace in almost two years
Merchandise exports jumped 14.5% in annual and USD terms in September, rebounding strongly from August’s 2.9% drop, and logging the best result since October 2018. Similarly, exports in ringgit terms increased 13.6%, swinging from August’s 2.9% drop and beating market expectations. September’s increase was largely driven by a rebound in shipments of agricultural goods as well as manufactured products, largely reflecting higher exports of electronics.
Meanwhile, merchandise imports declined at a softer pace of 2.8% on an annual basis and in USD terms in September (August: -6.4% yoy). As a result, the merchandise trade balance improved noticeably, recording a USD 5.3 billion surplus in September (September 2019: USD 2.1 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 38.5 billion surplus in September, compared to the USD 35.3 billion surplus in August.