Malaysia Trade Surplus Tops Estimates

Malaysia’s trade surplus jumped to MYR 21.37 billion in January 2026 from MYR 3.66 billion a year earlier, far surpassing market expectations of MYR 10.1 billion. Exports rose 19.6% year-on-year, beating market forecasts of 13.7% and accelerating sharply from a marginally revised 10.2% increase in the previous month. It also marked the strongest annual export growth since September 2022, boosted by firm external demand ahead of the Lunar New Year and Ramadan across key Asian markets. Meanwhile, imports grew at a slower pace of 5.3%, easing from a downwardly revised 9.5% gain in December and missing the 9.9% consensus. The softer import growth, which was the mildest since a contraction last August, reflected more subdued domestic demand at the start of the year. In 2025, trade surplus stood at MYR 159.54 billion, up from MYR 139.05 billion in the prior year.

Malaysia’s trade surplus widened slightly to a record high of MYR 19.27 billion in December 2025 from MYR 19.26 billion in December 2024, above expectations of MYR 12.2 billion. Exports rose 10.4% yoy to a record high of MYR 153.0 billion, accelerating from a 7.0% increase in November and exceeding forecasts of a 2.4% rise. The acceleration was mainly driven by manufactured goods, which rose 13.6%, led by strong shipments of electrical and electronic products, which surged 25.3%. Among trading partners, outbound shipments rose to the US (48.8%), Hong Kong (12.0%), Taiwan (34.4%), and the EU (34.8%). Meanwhile, imports surged 12.0% to an all-time high of MYR 133.7 billion, also above expectations for an 8.5% gain. The rise was boosted by higher imports of consumption goods (27.6%), dual- use goods (60.1%), and intermediate goods (3.6%). For the whole of 2025, Malaysia registered a trade surplus of MYR 132.6 billion, with exports and imports falling 3.7% and 3.6%, respectively.

Malaysia’s trade surplus narrowed to MYR 6.1 billion in November 2025, down from MYR 14.8 billion in the same month last year and far below expectations of MYR 17.2 billion, marking the smallest trade surplus since May. Exports rose 7% yoy to MYR 135.0 billion, slowing sharply from a 15.7% jump in October and falling below forecasts of 11.2%. This marked the softest export growth in three months, due to a decline in agricultural shipments. Growth was driven by higher sales in the manufacturing sector (7.9%) and mining (9.9%), with exports rising mainly to Singapore (4.1%), China (9.3%), and the EU (13.2%). Meanwhile, imports surged 15.8% to MYR 128.9 billion, surpassing forecasts of 11.4% gain and marking the fastest growth in seven months. The rise was boosted by higher imports of capital goods (56.8%) and intermediate goods (5.0%). For the first eleven months of 2025, Malaysia recorded a trade surplus of MYR 132.6 billion, with exports and imports rising 6.1% and 5.6%, respectively.