{"id":6810,"date":"2020-11-13T18:56:43","date_gmt":"2020-11-13T10:56:43","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=6810"},"modified":"2020-11-13T18:56:46","modified_gmt":"2020-11-13T10:56:46","slug":"malaysias-current-account-balance-records-surplus-of-rm26-1b-in-q3-2020","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=6810","title":{"rendered":"Malaysia’s current account balance records surplus of RM26.1b in Q3 2020"},"content":{"rendered":"\n

KUALA LUMPUR, Nov 13 — Malaysia\u2019s current account balance (CAB) recorded a higher surplus of RM26.1 billion in the third quarter of 2020 (Q3 2020), driven by noteworthy performance in the exports of goods and surplus in secondary income, said the Department of Statistics Malaysia (DOSM).<\/p>\n\n\n\n

In a statement today, DOSM said exports of goods contributed 91.2 per cent to overall exports, while the share of services exports decreased to 8.8 per cent from 17.8 per cent in the third quarter of 2019.<\/p>\n\n\n\n

\u201cFor the first nine months of 2020, the CAB recorded RM43.2 billion compared with\u00a0RM43.4 billion in the same period last year,\u201d it said.<\/p>\n\n\n\n

\"current<\/figure><\/div>\n\n\n\n

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said that the larger surplus in CAB was mainly contributed by the higher net exports of goods at RM41.5 billion.<\/p>\n\n\n\n

\u201cExports of goods recorded RM204.9 billion against RM165.2 billion in the previous quarter, supported by exports of electrical and electronics (E&E) products, petroleum and palm oil-based products.<\/p>\n\n\n\n

\u201cThe increase in exports were primarily to China, Singapore and the US,\u201d he said.<\/p>\n\n\n\n

Meanwhile, imports of goods registered RM163.4 billion compared to RM139.3 billion in the second quarter of 2020, mainly impelled by the increase in intermediate and consumption goods despite a decline in capital goods.<\/p>\n\n\n\n

\u201cMoreover, the higher current account surplus was also steered by the secondary income which recorded the first surplus at RM7.1 billion after continuous deficit since1994.<\/p>\n\n\n\n

\u201cIn this quarter, the secondary income posted higher receipts of RM14.3 billion due to transfer received as part of settlement from overseas,\u201d he added.<\/p>\n\n\n\n

In the meantime, the deficit in services widened to RM13.3 billion compared to RM12.5 billion in the preceding quarter.<\/p>\n\n\n\n

Meanwhile, Mohd Uzir said the financial account in this quarter consistently recorded a net outflow of RM35.2 billion against RM19.8 billion in the last quarter due to the higher outflow in portfolio investment.<\/p>\n\n\n\n

\u201cSuch substantial outflow was coupled with higher subscriptions of non-residents portfolio and liquidation of equity securities by non-residents,\u201d he said.<\/p>\n\n\n\n

He noted that the foreign direct investment (FDI) showed a net outflow of RM0.8 billion this quarter after recording continuous inflow since 2010.<\/p>\n\n\n\n

\u201cAlthough, the FDI showed an outflow, the equity and reinvestment earnings shot up to record an inflow of RM8.5 billion against RM1.1 billion in the previous quarter.<\/p>\n\n\n\n

\u201cDirect Investment Abroad by Malaysian investors were also affected by global scenario, falling to RM2.2 billion from RM3.5 billion due to lower investment in equity,\u201d he added.<\/p>\n\n\n\n

As at end-September 2020, Malaysia\u2019s International Investment Position recorded a higher net assets position of RM82.5 billion from RM57.3 billion in the previous quarter, while the international reserves decreased to RM436.4 billion from RM443.0 billion in the preceding quarter.<\/p>\n\n\n\n

— BERNAMA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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