Malaysia September Exports Surge to Five-Year High on AI Demand

Malaysia’s exports surged to its highest level in more than five years in September as the trade-dependent nation continues to benefit from demand for artificial intelligence-related products.

Exports rose 54.5% in September from a year earlier, the highest since April 2021, and exceeding the 39.9% estimate in a Bloomberg survey.

The growth was boosted by higher exports of electrical and electronic products, valued at 45 billion ringgit ($11 billion) in September, the Department of Statistics Malaysia said in a statement Monday.

Shipments to the US surged 89.9%, and exports to China were up 22.1% for the month, according to the department.

Imports rose 52.7% in September from a year ago, higher than the 39% forecast in a Bloomberg survey.

Malaysia recorded a trade surplus of 33.7 billion ringgit in September, above the 31.6 billion ringgit surplus in the Bloomberg survey.

Demand for electronics used in AI have helped cushion Malaysia from global disruptions. The Southeast Asian country’s economy expanded 5.3% in the three months through September from a year earlier.

Exports in the third quarter rose 46%, the statistics department said. Malaysia’s total trade increased 30.1% from January to September compared to the same period a year ago, with exports up 34%.

The country’s consumer prices were up 1.8% in September from a year earlier, below the 1.9% forecast in a Bloomberg survey, according to separate data from the statistic department on Monday.