In July, Malaysia saw a reduction in its trade surplus compared to the previous month. This decline was attributed to lower shipments of petroleum products, palm oil, and palm oil-based agriculture products. According to the Ministry of Investment, Trade, and Industry, the trade surplus stood at 17.09 billion ringgit ($3.67 billion), as opposed to June’s figure of MYR25.81 billion.
Decline in Exports and Imports
The data revealed a 13.1% decrease in exports in July, amounting to MYR116.75 billion. Imports were also down by 15.9% at MYR99.66 billion compared to the same period last year. Against median forecasts from The Wall Street Journal poll, exports fell by 11.7% while imports experienced a larger decline of 17.2%, leading to a trade surplus of MYR20.58 billion.
Key Trading Partners
Despite the overall decline in exports, Malaysia witnessed a 6.1% increase in shipments to China, totaling MYR16.8 billion. Meanwhile, exports to the United States rose by 2.2% to reach MYR13.59 billion.
Trade Figures with Major Partners
The following table provides an overview of Malaysia’s trade figures with its top five export and import partners in July:
Exports Value (MYR Millions) % Change YoY
- Total: 116,752 -13
- Singapore: 17,807 -20
- China: 16,802 6.1
- USA: 13,593 2.2
- Hong Kong: 8,090 -3.9
- Japan: 5,799 -27
Imports Value (MYR Millions) % Change YoY
- Total: 99,661 -16
- China: 20,328 -18
- Singapore: 13,335 -7.1
- USA: 7,673 -19
- Taiwan: 5,976 -39
- Japan: 5,794 -21
