Malaysia Import Growth at 11-Month Low

2024-11-19 04:04 By Farida Husna 1 min. read

Imports to Malaysia rose by 2.6% yoy to MYR 116.14 billion in October 2024, missing market estimates of 5.0% and sharply slowing from a 10.9% gain in September.

This was the 12th month of growth in purchases but the softest pace since November 2023, amid weak domestic demand.

Purchases for intermediate goods increased 12.3% to MYR 62.58 billion, and those of consumption goods rose 3.0% to MYR 9.64 billion.

However, demand for capital goods shrank 2.7% to MYR 12.36 billion.

Sector-wise, manufacturing added 2.6%, lifted by E&E products (27.8%), and machinery, equipment & parts (22.9%).

Further, the agriculture gained 16.7%, led by natural rubber (18.3%) and other vegetable oil (105.7%).

In contrast, mining fell 2.0%, weighed by metalliferous ores and metal scrap (-37.2%).

Purchases went up from the US (39.8%), Taiwan (29.4%), and the EU (4.8%) but fell from China (-1.0%), Japan (-4.5%), and the ASEAN countries (-5.3%).

From January to October, imports climbed 14.6% to MYR 1.14 trillion.



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