Malaysia Import Growth Beats Estimates

Malaysia’s imports grew 12.0% year-on-year to MYR 133.7 billion in December 2025, easing from a 15.8% surge in the previous month but topping market estimates of an 8.5% increase, reflecting solid domestic demand at year-end. The rise was boosted by higher imports of consumption goods (27.6%), intermediate goods (3.6%), and dual-use goods (60.1%). Conversely, purchases of capital goods fell by 11.8%. By sector, manufacturing imports climbed 14.8%, led by E&E products (20.8%) and machinery, equipment (9.1%). Meanwhile, mining imports fell 10.8%, mainly due to a lower in crude petroleum (-45.2%). At the same time, agricultural imports also dropped (-7.1%), weighed by palm oil (-25.4%) and natural rubber (-37.1%). By destination, imports advanced from China (29.0%), Taiwan (10.7%), Japan (25.6%), and South Korea (51.2%), but declined from Singapore (-7.0%) and the US (-10.7%). For the full year of 2025, total imports fell 3.6% to MYR 1.32 trillion.

Malaysia’s imports surged 15.8% yoy to MYR 128.86 billion in November 2025, accelerating from a downwardly revised 10.0% increase in the previous month and topping market estimates of 11.4%. It was the fastest growth since April, reflecting solid domestic demand as the year-end neared. Purchases grew for capital goods (56.8%) and intermediate goods (5.0%), but fell for consumption goods (-1.7%) and dual-use goods (-55.1%). By sector, manufacturing imports rose 18.6%, led by E&E products (44.4%) and machinery, equipment (15.2%). Mining imports also gained 4.7%, led by crude petroleum (5.8%) and metalliferous ores (79.7%). However, agricultural imports dropped 18.1%, weighed by palm oil (-30.4%) and natural rubber (-47.0%). By destination, imports increased from China (33.3%), Taiwan (14.6%), Japan (6.3%), Hong Kong (61.9%), South Korea (78.6%), and the EU (9.9%), but shrank from the U.S. (-6.1%) and ASEAN countries (-4.5%). Year-to-date, total imports gained 5.6% to MYR 1.32 trillion.

Malaysia’s imports jumped 11.2% yoy to a record peak of MYR 129.33 billion in October 2025, quickening from a marginally revised 7.2% increase in the previous month and far exceeding market estimates of 5.8%. It was the fastest growth since April, reflecting a solid pickup in domestic demand heading into year-end. Purchases rose for capital goods (51.9%) and consumption goods (3.6%), while falling for intermediate goods (-7.6%) and dual-use goods (-29.5%). By sector, manufacturing imports rose 12.7%, led by E&E products (30.6%) and manufacture of metal (13.7%). However, agricultural imports dropped 6.4%, weighed by natural rubber (-26.5%). Mining imports shrank 5.8%, weighed by crude petroleum (-31.0%) and LNG (-35.0%). By destination, imports grew from China (34.7%), Japan (12.7%), Hong Kong (47.8%), and ASEAN countries (12.0%), but fell from the U.S. (-8.8%), the EU (-8.4%), and South Korea (-10.0%). During January–October, total imports gained 4.7% to MYR 1.19 trillion.