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MALAYSIA: Exports Miss Forecasts 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. 
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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.