Malaisie Balance Commerciale

Malaysia's trade surplus widened to MYR 15.3 billion in November 2024 from a marginally revised MYR 12.1 billion in the same month of 2023, easily surpassing market estimates for a gain of MYR 9.1 billion. It was the largest trade surplus since September 2023, as exports grew more than imports for the first time since December 2021. Exports rose by 4.1% yoy to MYR 126.6 billion, accelerating from a 1.6% rise in October and beating estimates of 1.3%, mainly driven by sales of manufacturing (5.2%) and agriculture (13.4%), while mining & quarrying tumbled (-17.3%). Meantime, imports grew by 1.6% to MYR 111.3 billion, the softest growth in a year and less than forecasts of 4.2%, primarily due to rises in intermediate goods (12.7%) and consumption goods (3.5%), as demand for capital goods plunged (-10.0%). For the first eleven months of the year, the trade surplus slumped by 42.0% from the same period in 2023 to MYR 117.9 billion, as imports (13.3%) grew much faster than exports (4.7%).