Malaysia's November Trade Surplus Narrows on Softer Exports, Surging Imports

Malaysia’s total trade maintained double-digit growth for the third straight month in November 2025, rising +11.1% year-on-year, though easing from October’s +13.0%. The moderation was driven by slower export growth of +7.0% (October: +15.7%), while imports accelerated sharply to +15.8% (October: +10.0%), the fastest pace since April 2025. This resulted in a narrower trade surplus.

Trade Surplus

Manufacturing exports, accounting for 86% of total exports, grew +7.9%, down from +15.7% previously. Growth in electrical and electronic products slowed to +15.0%, machinery to +5.2%, though optical and scientific equipment rose faster at +33.8%.

The import surge was led by capital goods (+56.8%), reflecting strong demand for non-transport equipment.

Analysts forecast 2025 export growth at +6.0% (2024: +5.8%) and revised imports higher to +5.5% (previously +4.9%; 2024: +13.2%), supported by front-loaded E&E shipments and re-exports despite US tariff pressures.

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