KUALA LUMPUR, Feb 10 — Malaysia’s current account surplus in the fourth quarter of 2022 (4Q 2022) widened to RM25.7 billion from RM14.1 billion in the previous quarter, supported by a surplus in the goods account and a lower deficit in the primary income account, said the Department Of Statistics Malaysia (DOSM).
In a statement today, the DOSM said the financial account registered a net outflow of RM1 billion compared with RM14.9 billion in the preceding quarter due to outflows in portfolio investment and direct investment.
Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the goods account surplus increased by RM8.8 billion to RM51.7 billion in 4Q 2022.
“A total of RM303.5 billion were exported, primarily in electrical and electronics, petroleum and palm oil-based products.
“The main destinations for exports were Singapore, China and the United States,” he said.
Mohd Uzir said imports of goods fell 6.8 per cent quarter-on-quarter to RM251.7 billion compared with the previous quarter, owing to declines in imports of capital and intermediate goods.
China remained the largest import source, followed by Singapore and Taiwan.
Moreover, Mohd Uzir said the higher current account surplus in the current quarter was also driven by the lower deficit of RM11.5 billion in the primary income account compared to RM17.2 billion in 3Q 2022.
“This was mainly owing to the higher receipts of RM25.2 billion and lower payments of RM36.7 billion, particularly in direct investment,” he said.
Elaborating on the balance of payments, the chief statistician said the services account recorded a lower deficit of RM8.6 billion compared with RM9.6 billion in the previous quarter.
He said the exports of services surged 12.6 per cent quarter-on-quarter to RM44.2 billion, while imports of services increased eight per cent to RM52.7 billion in this quarter.
“The better performance in services was impelled by a higher surplus in travel and construction, as well as a lower deficit in transport,” he said.
Mohd Uzir said travel recorded an export value of RM12.5 billion in 4Q 2022 compared with RM9.6 billion in the previous quarter.
“As the value of exports was greater than imports of RM10.5 billion, Travel logged a higher surplus of RM1.9 billion in the final quarter of the year,” he said.
Construction recorded exports of RM2.3 billion and imports of RM1.2 billion, which resulted in a higher surplus of RM1.1 billion this quarter.
“Meanwhile, transport registered a lower deficit of RM7.4 billion as a result of lower payments for sea freight activities,” he added.
From a financial standpoint, Mohd Uzir said the financial account recorded a lower net outflow of RM1.0 billion compared to RM14.9 billion in 3Q 2022.
“This was mainly led by outflows in portfolio investment at RM26.7 billion, direct investments at RM9.4 billion and financial derivatives at RM1.7 billion.
“Other investments registered a turnaround to net inflow of RM36.8 billion from a net outflow of RM16.5 billion in the previous quarter,” he said.
— Bernama
