Malaysia’s Current Account Surplus Reaches 2.1 Pct of GDP in Q2

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Malaysia’s current account balance recorded a higher surplus of 9.1 billion ringgit (1.96 billion U.S. dollars), or 2.1 percent of GDP, in the second quarter of 2023, compared to 4.3 billion ringgit, or 1 percent of GDP, in the previous quarter, official data showed Friday.

The Department of Statistics Malaysia (DOSM) said in a statement that the financial account posted a higher net outflow of 11.6 billion ringgit for the quarter as against 2.4 billion ringgit in the preceding quarter.

In the first half of 2023, the current account balance reached a surplus of 13.4 billion ringgit, while the financial account recorded a net outflow of 13.9 billion ringgit.

According to the DOSM, the continued surplus in current account balance was mainly supported by a net export of goods.

Goods account recorded a net export of 29.5 billion ringgit this quarter, a decrease of 26.1 percent quarter-on-quarter.

Data showed the export of goods declined 2.5 percent from 261.5 billion ringgit to 254.9 billion ringgit in the second quarter.

The main exports were electrical and electronics (E&E), petroleum and chemicals products, especially to Singapore, China and the United States.

On the contrary, the import of goods increased 1.7 percent quarter-on-quarter from 221.6 billion ringgit to 225.4 billion ringgit, mainly contributed by capital and consumption goods. (1 ringgit equals 0.22 U.S. dollar)