MALAYSIA’S exports growth number for August indicates that impact from US reciprocal tariffs remains milder than initially feared.
“That said, risks are tilted to the downside, including a potential US semiconductor tariff, softer Chinese demand, lower crude oil prices and a stronger ringgit,” Apex Securities Sdn Bhd said in a report released today on Malaysia’s external trade.
Gross imports contracted by 5.9% (July: +0.6%) as capital goods moderated and intermediate goods demand continued to decline.
Consequently, it said the trade surplus widened further to RM16.1 billion, the highest in five months (July: RM14.6 billion).
On a YTD basis, exports and imports grew 3.9% and 3.6% respectively (8M24: +6.1% and +16.7%), still above its full-year forecast, Apex Securities said.
It said the slowdown in export growth was led by softer manufactured goods (+1.7% YoY; July: +8.7%), with electrical and electronics (E&E), chemical products and metals pulling back from July’s surge.
By destination, shipments to Singapore slowed sharply (+2.7%; July: +22.2%), while exports to the US contracted (-16.7%; July: +3.8%), partly reflecting a high base in August 2024.
In contrast, it noted that exports to China (+10.4%; July: +6.1%) and the EU (+9.7%; July: +5.7%) strengthened.
“The broad resilience in key markets beyond the US signals some cushion as US tariff risks loom,” it said.
Source: The Malaysian Reserve
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<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
