In March 2023, Malaysia’s trade surplus widened to MYR 20.7 billion (USD 4.9 billion), up from MYR 15.4 billion (USD 3.7 billion) in the same month the previous year. The increase in trade surplus came as both imports and exports fell on a year-on-year basis.
According to data from the Department of Statistics Malaysia, the country’s exports in March 2023 fell by 3.3% year-on-year to MYR 91.9 billion (USD 22 billion), while imports fell by 6.1% year-on-year to MYR 71.2 billion (USD 17 billion). This decline in both exports and imports was mainly due to a fall in global demand, particularly from major trading partners such as China, Japan, and the United States.
The fall in exports was primarily driven by a decline in manufactured goods, which accounted for 82.5% of total exports. Within manufactured goods, the largest declines were in electrical and electronic products, as well as machinery, equipment, and parts. Exports of palm oil and palm oil-based products also fell, reflecting lower global demand and increased competition from other producers.
