KUALA LUMPUR – Malaysia posted a current account surplus of RM62.1 billion in 2020, the highest in nine years, steered by a favourable performance of the goods account, and narrower deficit in primary and secondary incomes, said the Statistics Department.
For the final quarter of 2020, the country’s current account recorded a RM19 billion surplus, led by higher net exports of goods and smaller deficit in primary income.
The cumulative current account balance of all four quarters for 2020 stood at RM62.1 billion, the highest surplus since 2011.
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the current account surplus in the last quarter was principally encouraged by higher net exports of goods at RM42.9 billion.
“Exports of goods which contributed 91.4% to Malaysia’s total exports amounted to RM217.5 billion from RM204.9 billion in the previous quarter.
“The increase was supported by exports of palm oil, rubber and chemical-based products primarily to China, Singapore and the United States,” he said in a statement to announce the country’s annual and fourth quarter 2020 balance of payments data today.
Similarly, import of goods surged by 6.9% quarter-on-quarter to RM174.6 billion.
The higher imports were contributed by the increase in intermediate, capital and consumption goods mainly from China, Singapore and Japan. – Bernama, February 11, 2021
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