Malaysia's Current Account Balance surged to RM16.2 billion in Q1 2024, made up 3.5 per cent of the Gross Domestic Product.
Malaysia’s Current Account Balance (CAB) recorded a higher surplus of RM16.2 billion in the first quarter of 2024, mainly contributed by Goods and Income Account.
Goods account posted net exports of RM32.0 billion. Exports of goods amounted to RM272.2 billion, while imports was RM240.2 billion.
Services account deficit slightly narrowed to RM7.3 billion in this quarter, primarily driven by Telecommunication, computer & information, Manufacturing services and Travel components.
Primary Income account recorded a lower deficit of RM8.8 billion, owing to the higher receipts of RM28.4 billion and lower payments of RM37.2 billion.
Secondary Income account posted a surplus of RM0.3 billion with receipts of RM11.8 billion and payments at RM11.5 billion.
Financial account recorded a net outflow of RM18.7 billion in the first quarter 2024, owing to outflow in Portfolio Investment (RM23.7 billion) and Direct Investment (RM6.0 billion).
Foreign Direct Investment (FDI) posted a lower net inflow of RM5.5 billion (Q4 2023: RM19.6 billion). Meanwhile, Direct Investment Abroad (DIA) recorded a net outflow of RM11.5 billion (Q4 2023: RM14.3 billion).
As at the end of first quarter 2024, the International reserves stood at RM538.9 billion.
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