Malaysia External Trade - 21 June 2024

May exports moderate, but buoyed by turnaround in E&E sector

Exports moderated slightly to 7.3% (Apr: 9.0%) in May beating market expectations (consensus: 2.3%) but below house forecast (KIBB: 13.3%)

  • MoM (11.8%; Apr: -10.8%): rebounded sharply following a sharp rebound in the previous month.

Higher shipments to major trading partners and positive turnaround in exports of E&E

  • By destination: exports to key destinations remained strong, led by sustained shipment to the US (17.4%; Apr: 17.3%) and Singapore (13.7%; Apr: 9.0%). However, exports to China moderated slightly (1.6%; Apr: 2.1%).
  • By sector: growth was contributed by the manufacturing sector (8.3%; Apr: 7.1%), which made up of 86.2% share of total exports (Apr: 84.8%). This growth was also supported by the significant increase in the agriculture (22.1%; Apr: 13.6%) sector but was partially capped by the subdued mining (-17.2%; Apr: 27.6%) sector.
  • By major product: mainly boosted by higher exports of Electrical & Electronic (E&E) (7.6%; Apr: 0.6%), which account for 45.4% share of total exports, and palm oil & palm-based (25.7%; Apr: 13.7%). However, the momentum was partially capped by lower export of liquefied natural gas (LNG) (-21.2%; Apr: 12.7%).