Stats Department: Malaysia’s Current Account Balance Records Surplus of RM4.4 Billion in Q2
Malaysia’s Department of Statistics said the higher surplus was supported by lower deficits in the services and primary income accounts. — Photo by Miera Zulyana
Friday, August 12, 2022 2:42 PM MYT
KUALA LUMPUR, Aug 12 – Malaysia’s current account balance recorded a surplus of RM4.4 billion in the second quarter of 2022 (Q2) from RM3.0 billion in the previous quarter, mainly due to the net account of goods exports, according to the Department of Statistics Malaysia (DoSM) said.
He said the higher surplus was supported by lower deficits in the services and primary income accounts.
“At the same time, the financial account recorded a net inflow of RM 0.2 billion compared to RM 30.4 billion in the previous quarter, mainly due to a net inflow of direct investment and other investment.
At the end of the second quarter of 2022, international reserves stood at RM480.0 billion (Q1 2022: RM485.8 billion), the department said in a statement.
The DoSM said foreign direct investment recorded a lower net inflow of RM17.3 billion compared to RM24.4 billion in the previous quarter, while overseas direct investment recorded a higher net outflow of RM14.7 billion compared to RM3.6 billion in the prior quarter. .
The goods account recorded net exports of RM34.0 billion in the second quarter, compared to RM40.5 billion in the first quarter of this year.
Goods exports rose 10.0% quarter-on-quarter to RM295.8 billion from RM268.9 billion in the previous quarter, with the main exports being electricity and electronics, petroleum and palm oil, particularly to Singapore, China and the United States. States.
Similarly, imports of goods also posted a double-digit growth of 14.6% quarter-on-quarter, amounting to RM261.8 billion (Q1 2022: RM228.4 billion) , with most imports being intermediate goods, followed by capital and consumer goods. imported mainly from China, Singapore and Taiwan.
The services account recorded a deficit of RM12.3 billion in the second quarter compared to a deficit of RM15.0 billion in the first quarter, largely propelled by the lower deficit in travel of 0.5 billion RM (Q1 2022: deficit of RM4.0 billion).
The primary income account also recorded a lower deficit of RM14.7 billion in the second quarter compared to RM20.1 billion in the previous quarter, mainly attributable to higher revenue of RM25.3 billion, a 64.6% increase over the previous quarter, mainly live. investment.
“Meanwhile, this account also recorded higher payments of RM40.0 billion compared to RM35.5 billion in the previous quarter, particularly in direct investments,” the DoSM said.
The capital account recorded a deficit of RM90.5 million compared to RM86.3 million in the previous quarter due to a net outflow from acquisitions and disposals of non-produced non-financial assets of 32.4 million of RM (Q1 2022: net outflow of RM11.3 million).
“Meanwhile, portfolio investment saw a higher net outflow of RM14.7 billion (Q1 2022: net outflow of RM10.1 billion),” he added. — Bernama