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1st July, 2009
KUALA LUMPUR: The current account balance for the period January-March this year was at RM31.4 billion or equivalent to 20.2 per cent of gross domestic product(GDP), an increase of RM1.8 billion or 6.0 per cent from RM29.6 billion in the preceding quarter.
This was primarily attributed to goods (RM37.0 billion) and services (RM2.5 billion), which managed to offset the net payments on current transfers (RM4.2 billion) and income (RM3.9 billion), the Statistics Department said in a statement yesterday.
It said the increase in the current account was reflected in the services account which saw a higher surplus of RM2.5 billion from RM418.0 million previously; and in the income account which saw an improvement in the net outlay of RM3.9 billion from RM5.6 billion the previous quarter.
Meanwhile, year-on-year, the surplus on current account rose by RM8.5 billion or 36.9 per cent from RM23.0 billion, attributed to goods (+RM3.1 billion), services (+RM2.6 billion), income (+RM2.2 billion) and current transfers (+RM523.0 million).
The department said the goods surplus narrowed by RM1.8 billion to post RM37.0 billion, from RM38.8 billion recorded previously, as the decline in exports f.o.b. (free on board) outpaced that of imports f.o.b.
Exports f.o.b contracted by RM29.8 billion (19.7 per cent) to RM121.7 billion (78.3 per cent of GDP), against RM151.5 billion recorded previously.
The slowdown in global demand and lower prices had resulted in the decrease of exports for electrical & electronic products, liquefied natural gas (LNG) and crude petroleum.
Singapore, Japan and the United States were the top three export destinations.
It said imports f.o.b fell by RM28.0 billion (24.9 per cent) to RM84.7 billion from RM112.7 billion posted in the fourth quarter of last year.
The decline was attributable to the slowdown in demands for three major categories namely intermediate goods (30.5 per cent), consumption goods (11.2 per cent) and capital goods (11.3 per cent), it added.
In terms of country of origin – Japan, the People’s Republic of China, the United States and Singapore continued to be Malaysia’s leading import countries.
Year-on-year, the surplus on goods rose by 9.5 per cent from RM33.8 billion recorded in the same period a year ago.
The exports f.o.b. accounted for RM121.7 billion (Q1 2008: RM152.0 billion), a decrease of RM30.3 billion (-19.9 per cent) from the same period last year, it said.
Meanwhile the imports f.o.b. dropped by 28.3 per cent to RM84.7 billion (Q1 2008: RM118.2 billion).
The surplus in the first quarter this year for the services account was attributed primarily to net receipt of travel (RM7.5 billion), which managed to compensate the net payments of transportation (RM2.9 billion), other services (RM1.9 billion) and government services (RM137.0 million), it added.
The travel account recorded a higher net receipt of RM7.5 billion (Q4 2008: RM6.6 billion) due to sustainable tourist arrivals of 5.5 million in the quarter reviewed.
For the period of January – March 2009, the income account experienced lower net outlay following lower net outlay on investment income of RM3.6 billion (Q4 2008: RM5.3 billion).
Net outlay on portfolio investment widened by RM591.0 million to register RM2.5 billion compared with an outlay of RM1.9 billion in the last quarter of 2008.
The income associated with direct investment abroad (DIA) declined due to reduction in income on equity capital of non-banking sectors, it said.
In the meantime, foreign direct investment (FDI) in Malaysia recorded lower income on equity capital attributed by non-banking sectors, despite higher dividends payment accrued to foreign Multi National Corporations (MNCs).
Meanwhile, year-on-year the income account improved by RM2.2 billion or 36.1 per cent amounting to -RM3.9 billion as against -RM6.1 billion attained in the same quarter last year, it added.
The department said in the first three months of 2009, net payments on current transfers increased marginally by RM117.0 million to RM4.2 billion from that of RM4.0 billion in the fourth quarter of 2008.
The remittances abroad by foreign workers in Malaysia formed the largest portion of current transfers, it said.
Meanwhile, year-on-year, the net payments on current transfers improved by RM523.0 million (10.6 per cent) from -RM4.7 billion a year ago, it said.
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