Malaysia Records Largest Ever Trade Surplus in June 2020

Malaysia’s Ministry of International Trade and Industry (MITI) reported the June 2020 trade surplus at MYR 20.89 billion (USD 4.91 billion), up 98.7% year-over-year (YoY), marking Malaysia’s largest ever recorded monthly trade surplus. 

According to the MITI, exports grew 8.8% YoY in June 2020 to MYR 82.87 billion, boosted by a 13.7% gain in manufactured goods, which accounted for 88% of total exports. In addition, higher demand for palm oil and other related products, led to a 30% YoY increase in the export of agricultural products out of Malaysia. Exports to China and the United States of America rebounded, following the easing up of COVID-19 restrictions.

Imports, on t...