Malaysia Trade Surplus Below Consensus in November
Malaysia posted a MYR 9.0 billion trade surplus in November of 2016, narrowing from a MYR 10.2 billion surplus a year earlier while market expected a MYR 10.1 billion surplus, as imports rose more than exports.
1/6/2017 11:28:41 AM
Year-on-year sales increased by 8.0 percent to MYR 72.8 billion, rebounding from a 8.6 percent drop in October and beating market consensus of a 1.4 percent gain. It was the first rise since August, as sales went up for: electrical & electronic products (+13.2 percent to MYR 26.2 billion, 35.9 percent of total exports), palm oil and palm based products (+24.3 percent to MYR 6.6 billion, 9.1 percent share), natural rubber (+27.6 percent to MYR 332.1 million, 0.5 percent share), timber and timber-based products (+2.1 percent to MYR 1.9 billion, 2.6 percent share) and refined petroleum products (+0.1 percent to MYR 4.4 billion, 6.0 percent share). In contrast, outbound shipments fell for: LNG (-21.3 percent to MYR 3.1 billion, 4.3 percent share) and crude petroleum (+6.1 percent to MYR 2.5 billion, 3.4 percent share).
Exports increased to China (+11.2 percent), the US (+9.8 percent) and Singapore (+15.4 percent). In contrast, sales was down to Japan (-1.5 percent) and Thailand (-0.6 percent).
Imports went up 11.2 percent to MYR 63.8 billion, compared to a 6.6 percent drop in the preceding month and much higher than market expectations of a 3.0 percent growth. It was the first increase in three months, as purchases went up for all categories: intermediate goods (+11.3 percent, due to industrial supplies, processed: +20.9 percent, fuel & lubricants, processed, others: +58.8 percent and fuel & lubricants, primary: +86.3 percent), capital goods (+13.1 percent, due to an increase in both capital goods except for transport equipment: +10.0 percent) and transport equipment, industrial (+42.0 percent) and consumption goods (+5.4 percent, due to an increase in non-durables: +17.6 percent and semi-durables: +5.9 percent).
In October 2016, trade surplus stood at MYR 9.8 billion.