Trade Balance in Malaysia
Malaysia - Trade Balance
Merchandise exports rebound sharply in February
Merchandise exports rebounded 10.5% in annual and USD terms in February from January’s 0.8% decline.
In ringgit terms, exports jumped 11.8% year-on-year in February (January: -1.5% yoy), which surpassed market expectations of 5.0% growth.
March’s 16-month high was driven by strong growth in exports of refined petroleum products; palm oil and palm oil-based products; and liquefied natural gas. That said, the print was somewhat flattered by a low base effect. On the downside, exports of electrical and electronic products declined in the month. Looking at Malaysia’s top export markets, demand from Singapore surged in February, while exports to the United States and China were also robust.
Imports also recovered sharply in February and reached an over one-year high, expanding 10.0% year-on-year in USD terms (January: -1.7% yoy). The rebound was driven by robust growth in imports of intermediate goods and consumer goods. On the other hand, capital goods imports fell notably.
The trade surplus rose to USD 3.0 billion in February from the USD 2.7 billion surplus in the same month a year prior (January 2020: USD 3.0 billion). Meanwhile, the 12-month moving sum of the trade surplus rose to USD 33.7 billion in February from USD 33.3 billion in January.
Malaysia’s external sector is poised to slump in the remainder of H1, as the pandemic constricts global trade flows and hampers supply chains. Moreover, temporary shut downs domestically and delayed investment will further interrupt the sector’s recovery.
FocusEconomics Consensus Forecast panelists expect exports to grow 3.6% and imports to expand 5.6% in 2020, with the trade surplus totaling USD 30.4 billion. In 2021, our panelists see export and import growth at 2.5% and 1.4% respectively, with the trade surplus reaching USD 33.7 billion.
Malaysia - Trade Balance Data
|Trade Balance (USD billion)||23.2||21.2||23.0||30.7||33.2|
5 years of economic forecasts for more than 30 economic indicators.
Malaysia Trade Balance Chart
Source: Malaysia Central Bank and FocusEconomics calculations.
|Bond Yield||3.32||0.15 %||Dec 31|
|Exchange Rate||4.09||0.0 %||Jan 01|
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January 21, 2022
Consumer prices rose 0.40% over the previous month in December, up from November’s 0.24% rise.
January 3, 2022
The Manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, posted another increase in the final stretch of the year, rising to 52.8 in December from 52.3 in November.
December 28, 2021
Merchandise exports grew for the fourth successive month, with growth coming in at 31.2% year-on-year in USD terms in November, up from October’s 25.4% increase.
December 22, 2021
Consumer prices increased 0.24% over the previous month in November, coming in below October's 0.73% rise.
December 20, 2021
At its first meeting of the year on 20 January, the Monetary Policy Committee of Bank Negara Malaysia (BNM) kept the overnight policy rate stable at its all-time low of 1.75%, marking the ninth consecutive hold, coming in line with market expectations. Promoting the economic recovery underpinned the Bank’s decision to maintain its accommodative stance, and the move was supported by well-anchored inflation expectations.