Malaysia’s export growth slows as trade with US declines

[KUALA LUMPUR] Malaysia’s exports grew slower than expected in November, as higher tariffs weighed on the the nation’s trade with the United States.

Exports rose 7 per cent in November from a year earlier, according to the Department of Statistics Malaysia, lower than the 11.6 per cent median estimate in a Bloomberg survey. Shipments to the US, one of Malaysia’s largest trading partners, fell 0.9 per cent, marking a second straight month of declines.

Imports quickened 15.8 per cent from a year ago, effectively halving the country’s trade surplus to RM6.1 billion (S$1.9 billion) in November.

The US – which accounts for 11 per cent of Malaysia’s total trade – imposed a 19 per cent tariff on the South-east Asian nation’s goods effective August.

Still, Malaysia’s exports of electrical and electronic products remained strong, rising 15 per cent from a year ago amid expectations that the US will soon impose levies on semiconductors.

Higher exports to China also helped to offset the drop in shipments to the US, while exports to Taiwan reached a record high.

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“It is still a decent performance, the way we see it,” said Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd.

“The impact from higher US tariff should be more granular in 2026,” he said, adding that he expected further moderation in exports to the US as higher tariffs dampened demand. BLOOMBERG