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MALAYSIA: Country Wrap: Exports Miss Whilst Surplus Rebounds in February

MALAYSIA
EM BulletBulletAPACEmerging Market News
  • Malaysia produced a significant increase in its trade surplus rising to MYR12.6bn, from MYR3.66bn prior.  Both imports and exports from the US remain resilient and in line, indicating with a modest surplus of MYR7bn.  Malaysia however recorded a MYR9bn trade deficit with China, with exports down -8.1% and Imports rising by +13.14%.  Electronic exports were up +18.1% in February and imports up +23.1% y/y.  Petroleum products were a drag on the result declining -12.3% y/y.  Overall exports rose +6.2% versus forecasts of +6.5%, following January's result of +0.3%. Imports rose +5.5% versus forecasts of +9.6%, following January's result of +6.2%.  The growing concern for the Central Bank will be to watch closely consumer behaviour and whether the declining import data is pointing to a softer domestic demand outlook. (source: MNI – Market News)
  • Palm oil prices are set to rise on hopes that China and India may resume purchase falling successive months of declining prices (source: BBG).
  • Malaysia’s FTSE Bursa Malaysia has fallen again today by -0.35%.
  • MYR:  following the FED’s hold, Asian currencies have performed well today with the ringgit gaining +0.21% to be at 1,460.10
  • Bonds:  another very strong day for bonds with the MGS 10YR down -3bps to 3.75%.  The last time it touched that level was October 2024. 
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  • Malaysia produced a significant increase in its trade surplus rising to MYR12.6bn, from MYR3.66bn prior.  Both imports and exports from the US remain resilient and in line, indicating with a modest surplus of MYR7bn.  Malaysia however recorded a MYR9bn trade deficit with China, with exports down -8.1% and Imports rising by +13.14%.  Electronic exports were up +18.1% in February and imports up +23.1% y/y.  Petroleum products were a drag on the result declining -12.3% y/y.  Overall exports rose +6.2% versus forecasts of +6.5%, following January's result of +0.3%. Imports rose +5.5% versus forecasts of +9.6%, following January's result of +6.2%.  The growing concern for the Central Bank will be to watch closely consumer behaviour and whether the declining import data is pointing to a softer domestic demand outlook. (source: MNI – Market News)
  • Palm oil prices are set to rise on hopes that China and India may resume purchase falling successive months of declining prices (source: BBG).
  • Malaysia’s FTSE Bursa Malaysia has fallen again today by -0.35%.
  • MYR:  following the FED’s hold, Asian currencies have performed well today with the ringgit gaining +0.21% to be at 1,460.10
  • Bonds:  another very strong day for bonds with the MGS 10YR down -3bps to 3.75%.  The last time it touched that level was October 2024.