Malaysia Imports Hit New Peak

Malaysia's imports rose 36.4% year-on-year to a record MYR 171.1 billion in July 2026, following a 43.9% jump in June, which had marked the fastest growth since August 2022. The latest result extended the streak of annual growth to 11 straight months, surpassing market estimates of a 32.4% rise, amid resilient domestic demand. Purchases grew for intermediate goods (40.8%), capital goods (24.0%), consumption goods (5.2%), and dual-use goods (105.9%). By sector, manufacturing imports jumped 41.5%, driven by solid gains in E&E products (58.1%) and petroleum (51.5%). Agricultural imports rose 10.9%, led by other edible oils (104.5%). In contrast, mining imports fell 5.3%, mainly dragged by lower purchases of crude oil (-44.4%). Imports rose from China (60.1%), Japan (12.1%), India (47.5%), South Korea (113.3%), ASEAN countries (44.4%), the U.S. (19.6%), and the EU (23.4%), but fell from Taiwan (-5.4%). In the first seven months of 2026, total imports rose 19.8% yoy to MYR 994.7 billion.

Malaysia's imports surged 43.9% yoy to a new record of MYR 163.0 billion in June 2026, sharply accelerating from a 14.4% gain in May and marking the fastest growth since August 2022. The strong result underscored resilient domestic demand, as economic activity stayed firm and business spending strengthened. Purchases grew for intermediate goods (41.3%), capital goods (67.4%), consumption goods (17.2%), and dual-use goods (31.9%). By sector, manufacturing imports jumped 50.8%, driven by strong gains in E&E products (80.2%) and petroleum (66.0%). Mining imports edged up 1.8%, led by higher purchases of crude oil (7.0%) and metalliferous ores and metal scrap (7.9%). Agricultural imports rose 3.4%, led by other edible oils (47.9%) and palm oils (34.8%). Imports grew from China (56.6%), Japan (20.3%), India (112.3%), ASEAN countries (59.3%), the U.S. (38.4%), and the EU (28.0%), but fell from Australia (-11.2%). In the first half of 2026, total imports rose 16.9% yoy to MYR 824.4 billion.

Malaysia's imports rose 14.1% yoy to MYR 143.62 billion in May 2026, slowing from April's 20.0% jump, the fastest growth since August 2024. The latest result also fell short of market forecasts of 15.5%, pointing to softer domestic demand amid a weaker ringgit, which increased the cost of imported goods. Purchases grew for intermediate goods (14.4%), but fell for capital goods (-18.3%), consumption goods (-2.7%), and dual-use goods (-134.9%). Sector-wise, manufacturing imports climbed 18.7%, led by E&E products (23.0%) and petroleum products (41.7%). In contrast, mining purchases fell 8.7%, dragged by crude oil (-4.1%) and metalliferous ores and metal scrap (-9.4%). Also, agricultural imports dipped 6.0%, weighed by palm oil products (-33.6%). Imports grew from China (38.7%), Japan (18.5%), India (31.7%), the EU (16.8%), and ASEAN countries (28.5%), but shrank from the U.S. (-32.0%). For January to May, imports grew 11.8% from the same period in 2025 to MYR 661.07 billion.