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Malaysia’s trade surplus surged to MYR 21.37 billion in January 2026, up sharply from MYR 3.66 billion a year earlier and more than double the market consensus of MYR 10.1 billion. Export growth strengthened markedly, rising 19.6% year-on-year and outpacing expectations of 13.7%, after a marginally revised 10.2% increase in December. This was the fastest annual expansion in exports since September 2022, supported by solid external demand ahead of the Lunar New Year and Ramadan across major Asian markets.
By contrast, imports increased at a more moderate 5.3%, slowing from a downwardly revised 9.5% rise in the previous month and falling short of the 9.9% forecast. This represented the weakest import performance since the contraction recorded in August, pointing to softer domestic demand at the start of the year. For full-year 2025, Malaysia’s trade surplus widened to MYR 159.54 billion from MYR 139.05 billion in 2024.
