Malaysia Would Benefit From External Trade Recovery

Hong Kong skyline cityscape downtown skyscrapers over Victoria Harbour in the evening with junk tourist ferry boat on sunset with dramatic sky. Hong Kong, China

The annual increase in exports was 11.9 percent in April, versus a 4.7 percent rebound in March. MIDF in its view says the growth was mainly underpinned by the overseas sales of electrical, machinery, apparatus & appliances, and electrical parts which surged by +14.3%yoy (Mar-24: +4.8%yoy).

In terms of export destination, outbound shipments to Asia expanded +15.7% with shipments to Malaysia rising the steepest at +38.4%yoy. Exports to China advanced by +21.3%yoy (Mar-24: +12.1%yoy), marking the 2nd straight month of double-digit growth. Meanwhile, shipments to the US rebounded strongly to +17.1%yoy (Mar-24: -5.4%yoy). In contrast, Hong Kong’s imports registered a softer expansion of +3.7%yoy (Mar-24: +5.3%yoy), 2 straight months of growth. On a seasonally adjusted basis, Hong Kong’s exports and imports contracted by -2.4%mom (Mar-24: -2.3%mom) and -1.1%mom (Mar-24: +2.7%mom), respectively.

Overall, the improvement in Hong Kong’s external trade performance especially robust export expansion to Asia signalled improved regional trade activity. The house reiterated its projection that Malaysia would benefit from the external trade recovery with exports of goods  to rebound to +5.2% in 2024 (2023: -7.6%).

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