Malaysia: Merchandise exports growth picks up pace in August
Merchandise exports grew 17.1% year-on-year in USD terms in August, above July’s 6.5% increase. Similarly, exports in ringgit terms expanded 18.4% (July: +5.0% yoy). August’s upturn was largely attributed to rebounding exports of electrical and electronic products. Meanwhile, merchandise imports rose at a softer rate of 11.3% year-on-year in USD terms in August (July: +25.7% yoy), the slowest growth since January. In ringgit terms imports grew 12.5% (July: +23.9% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 5.0 billion surplus in August (July 2021: USD 3.3 billion; August 2020: USD 3.5 billion surplus). Similarly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 56.4 billion surplus in August compared to the 54.8 billion surplus in July.