Malaysia External Trade - 21 May 2024

April exports rebounded by higher shipments of key products

Exports rebounded sharply by 9.1% in April after two straight months of decline, although this was below expectations (KIBB: 13.2%; consensus: 14.1%), partly due to a lower base effect

  • MoM (-10.8%; Mar: 15.5%): fell sharply to a 12-month low, following a sharp rebound in the previous month.

Higher shipments to major trading partners and key manufactured products suggest a positive turnaround

  • By destination: exports to key destinations showed a better performance, led by a significant increase to the US (17.3%; Mar: 3.0%), followed by Singapore (9.0%; Mar: -6.9%), and China (2.1%; Mar: -2.1%).
  • By sector: improvement was broad-based, led by higher growth in the manufacturing sector (7.1%; Mar: 0.6%), which constitutes 84.8% share of total exports. This growth was also supported by significant increase in the mining (27.5%; Mar: 0.3%) and agriculture (13.8%; Mar: -17.4%) sectors.
  • By major product: mainly due to higher exports of machinery, equipment, and parts (35.7%; Mar: 12.0%), followed by chemical & chemical products (22.3%; Mar: -3.8%), crude petroleum (64.8%; Mar: -7.3%), palm oil & palm oilbased products (13.7%; Mar: -22.8%) and iron & steel products (26.5%; Mar: 20.3%). Notably, Electrical & Electronic Products (E&E) rebounded marginally (0.6%; Mar: -1.7%), marking a positive turnaround, following eight months of growth contraction.