According to the Department of Statistics Malaysia (DOSM), Malaysia’s Current Account Balance (CAB) maintained a surplus of RM4.3 billion or 1.0 percent of the Gross Domestic Product (GDP) in Q1 2023.
Goods exportation decline
This marked a decline from the previous quarter’s surplus of RM27.5 billion (5.9 percent of GDP). The surplus in CAB was mainly driven by a net export of goods, with a decrease of 30.9 percent from the previous quarter. Electrical and electronic products, petroleum, and chemical goods were the primary exports, primarily to Singapore, China, and the United States.
On the other hand, imports of intermediate, capital, and consumer goods decreased by 14.6 percent from quarter to quarter. The services account recorded a higher deficit of RM12.8 billion, while the financial account showed a net outflow of RM2.4 billion.
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