Malaysia Exports Jump 54.5% as Electronics Demand Lifts September Trade to RM396.5 Billion

September Exports Cross RM200 Billion for the First Time

Malaysia exported RM215.11 billion worth of goods in September 2026, the first monthly total above RM200 billion, as demand for electronics helped push the country's trade to a record RM396.5 billion. Exports rose 54.5% from a year earlier, their fastest growth since April 2021, according to the Ministry of Investment, Trade and Industry (MITI).

Imports increased 52.7% to RM181.39 billion, leaving a trade surplus of RM33.72 billion. A surplus means the value of goods sold abroad exceeded the value bought from other countries. September extended Malaysia's run of monthly surpluses to 77 months, beginning in May 2020.

The United States bought a record RM38.03 billion of Malaysian goods, an increase of 89.9%. Shipments to ASEAN reached RM59.55 billion, while exports to China climbed to RM20.39 billion. Electrical and electronic products, commonly called E&E, supported growth across all three markets.

September also strengthened an already substantial expansion during the first nine months of 2026. Total trade reached RM2.91 trillion, up 30.1%, while the cumulative surplus more than doubled to RM232.38 billion.

The central story is a growing flow of manufactured goods through Malaysia. Factories and trading businesses are selling more abroad while buying more components, machinery and other supplies from overseas. Agriculture has followed a weaker course, with lower palm oil export quantities pulling down September's agricultural export earnings.

A Stronger Month Even After Seasonal Adjustments

September's export increase exceeded a survey forecast of 39.9% by 14.6 percentage points. Imports also rose faster than the expected 39%, while the RM33.72 billion surplus was above the forecast of RM31.6 billion.

Compared with August, total trade increased 12%, exports grew 12.6% and imports rose 11.3%. The surplus expanded 20.1%, or about RM5.6 billion. At roughly RM33.7 billion, it was the largest monthly surplus since May.

The Department of Statistics Malaysia (DOSM) also recorded growth after adjusting for recurring seasonal patterns. Seasonally adjusted exports rose 10% from August to RM211.3 billion, while adjusted imports increased 11.9% to RM184.6 billion. These adjustments help compare months whose normal trading schedules may differ because of holidays or other regular events.

MITI puts annual export growth at 54.5%; a conflicting published figure gives 55.5% alongside the same rounded export value of RM215.1 billion. The ministry's figures provide the basis for the export totals and growth rates used here.

Electronics Account for Much of the Increase

DOSM attributed RM45.1 billion of September's annual export increase to E&E products, making them the largest contributor to growth. The department's breakdown describes that amount as an increase; a conflicting published figure describes roughly RM45 billion as the total value of E&E exports.

Using the RM215.11 billion export total and the 54.5% growth rate, Malaysia's exports increased by approximately RM75.9 billion from September 2025. The RM45.1 billion electronics contribution therefore represents about three fifths of the increase.

MITI said E&E export growth over January to September amounted to nearly RM254 billion. It connected that expansion to continued global demand for semiconductors, greater investment in artificial intelligence and wider use of digital technology.

Semiconductors are the chips that control or process information in electronic equipment. AI systems require large amounts of computing equipment, creating demand for chips and related electronics. Malaysia participates in the production networks that supply those products, linking its export performance to spending on technology abroad.

Manufactured goods exports rose 58.6% to a record RM191.57 billion in September, according to MITI. That value represents about 89.1% of total exports. A conflicting published breakdown puts manufacturing growth at 50.4% and its export share at 58.6%; the ministry's stated values produce the 89.1% share.

Growth extended beyond electronics. Other manufactured goods added RM14.7 billion to exports, petroleum products added RM3 billion, and optical and scientific equipment added RM2.4 billion. Machinery, equipment and parts also supported the manufacturing expansion.

American Demand Meets Asian Production Networks

The United States recorded the largest increase in purchases from Malaysia, adding RM18 billion compared with September 2025. Taiwan followed with an increase of RM13.7 billion, then Singapore with RM11.9 billion.

Exports to Taiwan rose 175.2%, those to Singapore increased 50.4%, and shipments to the European Union grew 35.3%. Together with the 89.9% increase to the United States, those figures show strong growth across several markets connected to electronics production and consumption.

ASEAN remained a major regional destination, taking RM59.55 billion of exports, up 46.2%. Electronics and machinery supported that increase. Exports to China rose 22.1% to RM20.39 billion, their ninth consecutive month of annual growth, helped by electronics, liquefied natural gas, metalliferous ores and metal scrap.

The United States accounted for about 17.7% of September exports, while China accounted for about 9.5%. ASEAN's share was approximately 27.7%. Singapore is part of ASEAN, so its shipments are already included in the regional total.

China also supplied a substantial part of Malaysia's growing imports. Purchases from China increased by RM21.1 billion, or 67.6%, while imports from Singapore rose RM10.9 billion, or 90.7%. Imports from South Korea increased RM9.1 billion, and those from Taiwan grew 55.6%.

New Zealand's Ministry of Foreign Affairs and Trade describes this pattern in its Malaysia trade report: strong demand from the United States exists alongside deep connections with Chinese and other Asian suppliers. China was Malaysia's largest trading partner and largest source of imports during the first half of 2026.

Imported Components Help Support Export Growth

Malaysia's imports increased by RM62.6 billion from September 2025. E&E products accounted for RM42.2 billion of that increase, while machinery, equipment and parts added RM4.5 billion and petroleum products added RM3.9 billion.

Intermediate goods reached RM92.1 billion, equivalent to about 50.8% of total imports. These are materials and components that businesses use to make other products, rather than goods bought mainly for final use by households.

DOSM's detailed breakdown puts intermediate goods import growth at 69.6%. Another figure gives 50.8% as the growth rate, although 50.8% also matches the category's share of September imports. Both figures accompany the same RM92.1 billion value.

Capital goods imports, including machinery and equipment used in production, increased 20.9% to RM22.32 billion. Consumption goods, such as finished products bought for everyday use, rose 18.2% to RM10.91 billion.

The New Zealand ministry's report describes a similar pattern during January to June: imports of electronic components, machinery and industrial supplies rose alongside manufactured exports. Manufacturing represented 87.6% of imports and 88.4% of exports in that period.

For a factory, an imported component can become part of a product later sold abroad. September's figures show both sides of that activity expanding, with export earnings still exceeding the import bill by RM33.72 billion.

Domestic Exports Lead, With Reexports Also Rising

Domestic exports increased 54.7% to RM162 billion in September, accounting for 75.3% of exports. Reexports grew 53.7% to RM53.1 billion, or 24.7% of the total, from RM34.5 billion a year earlier.

Reexports are goods brought into Malaysia and subsequently sent abroad without substantial transformation. Domestic exports cover goods produced locally or substantially transformed in the country, including products made using imported components.

Both categories grew at similar rates, but domestic exports were roughly three times the value of reexports. The figures show that September's expansion involved both local production and Malaysia's role in distributing goods through international supply networks.

Energy Exports Rise While Agriculture Falls

Mining goods exports increased 56.3% to a record RM11.43 billion in September. MITI attributed the rise to stronger shipments of liquefied natural gas, crude petroleum, metalliferous ores and metal scrap.

Higher export prices supported LNG earnings. Crude petroleum benefited from both higher prices and greater quantities exported. For these products, the value of exports can rise because more is shipped, because buyers pay more, or because both happen together.

Agricultural exports fell 5.7% to RM9.03 billion. Lower quantities of palm oil and agricultural products made from palm oil reduced the value of shipments. The decline left agriculture moving in the opposite direction from manufacturing and mining.

The New Zealand ministry recorded an 8.9% contraction in agricultural exports during the first half of 2026, largely because of weaker palm oil exports. September's figures continued that uneven pattern: rapid industrial growth alongside pressure on an important agricultural export.

For businesses, the difference is concrete. Electronics manufacturers and their suppliers face rising demand, while palm oil exporters recorded lower shipment quantities. The national export increase combines those different experiences into one headline number.

How the First Nine Months Built Momentum

Malaysia's January to September exports increased 34% to RM1.571 trillion, while imports rose 25.7% to RM1.339 trillion. The surplus widened 115.7% to RM232.38 billion, as export growth outpaced import growth across the period.

The pace strengthened after June. The New Zealand ministry recorded first half trade growth of 22.4%, export growth of 27.5% and import growth of 16.9%. By the end of September, each cumulative growth rate was higher.

• May 2020: Malaysia began the sequence of monthly trade surpluses that reached 77 months in September 2026.
• January to June 2026: Exports rose 27.5%, with E&E exports increasing 42.5%.
• July to September 2026: Total trade grew 44.7%, exports increased 46% and imports rose 43.3%.
• September 2026: Monthly exports crossed RM200 billion for the first time, reaching RM215.11 billion.
• January to September 2026: Total trade reached RM2.91 trillion and the surplus reached RM232.38 billion.

The third quarter surplus widened 65.1% to RM84.3 billion. That quarter accounted for approximately 36.3% of the surplus accumulated during the first nine months, showing how much the latest three months contributed.

Malaysia's economy expanded 5.3% from a year earlier in the three months through September. Consumer prices rose 1.8% in September, below a survey forecast of 1.9%. The trade, economic growth and price figures describe different measures: goods crossing borders, production across the economy and prices paid by consumers.

Forecasts Rise, but Trade Policy Risks Persist

The Ministry of Finance's Economic Outlook 2027 projects Malaysian trade growth of 27.2% for 2026, with exports increasing 31% and imports rising 23.1%. January to September growth was above each of those annual projections, although the completed year will also include October to December.

The ministry projected economic growth of 4.8% to 5.3% for 2026. The World Bank raised its forecast for Malaysia to 5.1%, from 4.4% in April, while the World Trade Organization increased its forecast for global merchandise trade volume growth to 3.9%, from 1.9% in March.

The WTO forecast measures the volume of goods traded globally. Malaysia's headline figures measure their value in ringgit, which also changes with prices and the mix of products sold.

MITI warned that changing trade policies in major economies and geopolitical tensions could interrupt growth. It identified continuing conflicts in West Asia as a risk to global trade flows and costs.

MITI and the Malaysia External Trade Development Corporation, known as MATRADE, said they would monitor developments, broaden export markets and help businesses adjust. Across the first nine months, export growth already extended to trade agreement partners including Hong Kong, Japan, India, South Korea, Australia, Mexico, Türkiye, the United Kingdom, Canada and Peru.

The announcements gave no timetable or detailed targets for further market expansion. For exporters, the immediate balance is strong demand for electronics and other manufactured goods against the possibility of changing market access, transport disruption and higher costs.

Key Points

• September exports rose 54.5% to a record RM215.11 billion, crossing RM200 billion for the first time.
• Total trade reached RM396.5 billion, with a surplus of RM33.72 billion.
• E&E products contributed RM45.1 billion to the annual export increase, according to DOSM's breakdown.
• Exports to the United States increased 89.9% to a record RM38.03 billion.
• Manufacturing and mining exports grew strongly, while agricultural exports fell 5.7%.
• January to September trade reached RM2.91 trillion, and the surplus widened to RM232.38 billion.
• MITI identified changing trade policies and conflicts in West Asia as risks to continued growth.