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MALAYSIA: Weak Exports Sees Trade Surplus Fall

MALAYSIA
EM BulletBulletAPACEmerging Market News
  • Malaysia’ January exports surprised markets, rising just +0.3% following +16.9% in December and forecasts of +5.0%.
  • The largest change in export fortunes by country was China, falling to -4.0%, from +9.6% and Hong Kong down to 12.3% from 33.5% in December and undoubtedly impacted by the Lunar New Year holidays.
  • By sector, January saw electronic exports expand 14.8%, from 27.9% in December with LNG and Petroleum products all turning negative.
  • Imports too were softer rising just +6.2%, from 11.9% but ahead of market expectations of 2.5%.
  • In an environment where the US President is targeting trade imbalances, an unexpected drop in trade surplus may not be a bad thing and Malaysia’s January trade surplus was just MYR3.6bn versus prior of MYR19.1bn and estimate of MYR13.2bn.
  • The Malaysian Central Bank (the BNM) next meets on March 06 and at present, market consensus is for no change in the policy rate of 3.00%
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  • Malaysia’ January exports surprised markets, rising just +0.3% following +16.9% in December and forecasts of +5.0%.
  • The largest change in export fortunes by country was China, falling to -4.0%, from +9.6% and Hong Kong down to 12.3% from 33.5% in December and undoubtedly impacted by the Lunar New Year holidays.
  • By sector, January saw electronic exports expand 14.8%, from 27.9% in December with LNG and Petroleum products all turning negative.
  • Imports too were softer rising just +6.2%, from 11.9% but ahead of market expectations of 2.5%.
  • In an environment where the US President is targeting trade imbalances, an unexpected drop in trade surplus may not be a bad thing and Malaysia’s January trade surplus was just MYR3.6bn versus prior of MYR19.1bn and estimate of MYR13.2bn.
  • The Malaysian Central Bank (the BNM) next meets on March 06 and at present, market consensus is for no change in the policy rate of 3.00%