Malaysia 1Q26 Balance of Payments - 18 May 2026

CA surplus surges to RM15.2b; structural buffers hold as external headwinds build

The current account (CA) surplus widened sharply to RM15.2b in 1Q26 or 3.0% of GDP (4Q25: RM2.7b or 0.5% of GDP). The higher goods surplus drove the overall increase, outweighing deficits in both primary and secondary income

• A larger goods and services surplus offset continued primary and secondary income deficits. As a share of GDP, the CA widened sharply as nominal GDP growth moderated to 5.8% YoY (4Q25: 6.4%).
  • Goods (RM33.6b; 4Q25: RM24.3b): surplus widened notably
    • … due to exports falling less than imports. Exports fell 5.3% QoQ, against a steeper 9.0% drop in imports, despite a firmer ringgit (1Q26 average: 3.97/USD vs 4.15/USD in 4Q25).