Malaysia Merchandise Imports

Merchandise trade surplus widens in April

Latest reading: In April, the trade balance was USD +7.2 billion, following a USD +6.2 billion figure in the prior month. This marked the largest surplus since December 2021. Over the last 12 months, the trade balance summed to USD +49.0 billion. Merchandise exports rose 52.0% in year-on-year terms in April, coming on the back of 21.7% growth in the previous month. April's reading was well above market expectations and the strongest since May 2021. Merchandise imports increased 33.2% in year-on-year terms in April, coming on the back of 24.1% growth in the prior month. April's reading was the strongest since August 2022.

Panelist insight: United Overseas Bank’s Julia Goh and Loke Siew Ting said: “April’s strong export performance appears exceptional, reflecting swift business responses to distortions from the prolonged Middle East war and closure of Strait of Hormuz. […] The Malaysian government has warned [in May] that manufacturers may face production stoppages as early as June due to supply disruptions from the Middle East conflict while inventories are increasingly depleted. […] A Federation of Malaysian Manufacturing (FMM)’s survey also highlights worsening operating conditions, with over two-thirds of manufacturers reporting deteriorating raw material supply, particularly in petrochemicals, industrial chemicals, metals, and packaging materials.”

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