Malaysia August Trade Surplus Largest in 3 Months
Malaysia's trade surplus increased 1.7 percent to MYR 8.3 billion in July of 2018 from MYR 8 billion in the same month of the prior year and far above market estimates of a MYR 6.3 billion surplus. It is the largest trade surplus since April. Exports rose 9.4 year-on-year to MYR 86.1 billion while imports went up 10.3 percent to MYR 77.8 billion.
In July sales increased by 9.4 percent from a year earlier to MYR 86.1 billion from a 7.6 percent gain in June and beating market consensus of a 6.6 percent growth. Sales grew for: Sales grew for: electrical & electronic products (23.6 pct to MYR 34.5 billion, 40.1 percent of total exports); crude petroleum (90.1 pct to MYR 3.8 billion, 4.4 percent of total exports); natural rubber (3.3 pct to MYR 334.8 million, 0.4 percent of total exports); and timber and timber-based products (0.4 pct to 1.9 billion, 2.2 percent of total exports).In contrast outbound shipments fell for: refined petroleum products (-12.3 pct to MYR 5.5 billion, 6.4 percent of total exports); palm oil and palm oil-based products (-13.6 pct to MYR 5.5 billion, 6.4 percent of total exports); liquefied natural gas/LNG (-38.4 pct to MYR 2.4 billion, 2.8 percent of total exports).
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Sales went up to China (37.5 pct); the US (6.7 pct, and the EU (2.2 pct) while shrank to Singapore (-2 pct).
Imports went up 10.3 percent year-on-year to MYR 77.8 billion in July of 2018 from a 14.9 percent jump in the prior month, as capital goods increased by 4.7 percent to MYR 9.6 billion, mainly due to a rise in transport equipment, industrial (32.5 pct) and capital goods except transport equipment went up (1 pct). In addition, purchases rose for consumption goods (11.1 pct to MYR 6.7 billion), led by durables (27 pct), non-durables (10.3 pct), and semi durables (21.4 percent). Meantime, sales of intermediate goods edged down 0.1 percent to MYR 39.9 billion, dragged by parts & accessories of capital goods except transport equipment (-32.4 pct) while sales rose for fuel & lubricant, primary (51.5 pct); fuel & lubricants, processed, others (144.4 pct), and industrial supplies, processes (11.4 pct).
In June the trade surplus stood at MYR 6 billion.
Considering the first seven months of the year, the trade surplus increased to MYR 68.8 billion from MYR 53.1 billion in the same period of 2017.