Malaysia Trade Balance July 2021

Malaysia

Malaysia: Merchandise exports rise at a slower pace in July

September 3, 2021

Merchandise exports jumped 6.5% year-on-year in USD terms in July (June: +32.1% yoy)—the slowest growth since November 2020. Similarly, exports in ringgit terms expanded 5.0%, following June’s 27.2% increase. July’s slowdown was chiefly driven by softer growth in shipments for rubber products as well as in petroleum products. Meanwhile, electrical and electronic goods exports tumbled in July, as tight curbs amid soaring Covid-19 infections, continued to weigh on production of semiconductors.

Meanwhile, merchandise imports expanded a healthy 25.8% year-on-year in USD terms in July (June: +37.2% yoy) and grew 24.1% in ringgit terms (June: +32.1% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.3 billion surplus in July (June 2021: USD 5.4 billion surplus; July 2020: USD 5.9 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 54.8 billion surplus in July, compared to the USD 57.5 billion surplus in June.

FocusEconomics Consensus Forecast panelists project merchandise exports to grow 20.9% and imports to increase 20.3% in 2021, with the trade surplus rising to USD 54.2 billion. In 2022, our panelists see exports and imports expanding 7.3.0% and 8.8% respectively, with the trade surplus totaling USD 54.6 billion.


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Malaysia Trade12m July 2021 0

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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