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QUARTERLY PERFORMANCE BALANCE OF PAYMENTS APRIL - JUNE 2012 (Updated: 15/08/2012)
CURRENT ACCOUNT
In the quarter ended June 2012, current account balance showed a lower surplus of RM9.6 billion, a decrease of RM8.5 billion from RM18.1 billion attained a quarter ago. The lower surplus was reflected in:
- Goods account: recorded lower surplus by RM6.4 billion to RM29.4 billion from RM35.8 billion; and
- Income account: the net outlay widened by RM3.1 billion to RM11.7 billion from RM8.6 billion.
Meanwhile, the deficit on both services account and current transfers narrowed to RM3.6 billion from RM3.8 billion and RM4.6 billion from RM5.3 billion, respectively.
Year-on-year, the surplus on current account reduced by RM13.4 billion from RM23.0 billion recorded a year ago. This was due to:
- Goods account : from RM36.0 billion to RM29.4 billion;
- Services account : from -RM1.0 billion to -RM3.6 billion; and
- Income account : from -RM6.7 billion to -RM11.7 billion.
In the first half of 2012, current account balance posted a lower surplus of RM27.7 billion (1H 2011: RM47.3 billion), declined by RM19.6 billion. This was attributed to:
- Goods account: lower surplus of RM65.3 billion (1H 2011: RM73.5 billion);
- Income account: higher net payments of RM20.3 billion (1H 2011: -RM12.7 billion); and
- Services account: higher deficit of RM7.4 billion (1H 2011: -RM3.2 billion).
Goods Account
In the current quarter, the goods account registered a lower surplus of RM29.4 billion as compared to RM35.8 billion in the previous quarter. This was due to imports f.o.b which expanded at a faster pace (7.3 per cent) relative to that of exports f.o.b (2.1 per cent).
- Exports f.o.b increased to RM177.7 billion compared to RM174.0 billion in Q1 2012. This was mainly contributed by higher exports for electrical & electronic products and palm oil & palm oil based products. The top three exports destinations were The People’s Republic of China, Singapore, and Japan.
- Imports f.o.b rose to RM148.2 billion (Q1 2012: RM138.2 billion). This was due to higher domestic demands for imports by end-use for three major categories namely intermediate goods, capital goods, and consumption goods. The top three imports sources were The People’s Republic of China, Singapore, and Japan.
Year-on-year saw a decrease in the surplus of goods by RM6.6 billion to RM29.4 billion from RM36.0 billion due to faster increase in imports f.o.b compared to exports f.o.b.
In the first six months of 2012, the goods account recorded a lower surplus of RM65.3 billion (1H 2011: RM73.5 billion). Meanwhile, both exports f.o.b and imports f.o.b recorded higher value of RM351.6 billion (1H 2011: RM338.8 billion) and RM286.4 billion (1H 2011: RM265.2 billion), respectively.
Services Account
In the quarter under review, exports of services registered RM28.9 billion from RM27.9 billion last quarter, consisting of the following components:
- transportation of RM3.3 billion (Q1 2012: RM3.3 billion);
- travel of RM14.4 billion (Q1 2012: RM14.7 billion);
- other services of RM11.0 billion (Q1 2012: RM9.9 billion); and
- government transactions n.i.e of RM56.0 million (Q1 2012: RM49.0 million).
Meanwhile, imports of services increased by RM0.7 billion from RM31.7 billion a quarter ago, of which:
- transportation of RM10.4 billion (Q1 2012: RM10.2 billion);
- travel of RM9.0 billion (Q1 2012: RM8.9 billion);
- other services of RM12.8 billion (Q1 2012: RM12.4 billion); and
- government transactions n.i.e of RM194.0 million (Q1 2012: RM113.0 million).
On net basis, services account posted lower net payments of RM3.6 billion from RM3.8 billion last quarter. This was led by a lower deficit on other services from RM2.5 billion to RM1.8 billion. On the contrary, transportation posted higher net payments of RM7.1 billion (Q1 2012: -RM6.9 billion) while travel recorded lower net receipts of RM5.4 billion (Q1 2012: RM5.8 billion).
Year-on-year, net services registered higher deficit of RM3.6 billion (Q2 2011: RM1.0 billion), arising mainly from higher deficit on transportation account and a lower receipts in travel.
Half yearly, net services deficit edged up RM7.4 billion from RM3.2 billion in the same period of last year. The higher deficit were reflected in transportation of RM14.1 billion (1H 2011: -RM12.2 billion), coupled with other services component of RM4.3 billion (1H 2011: -RM3.1 billion). In addition, travel recorded lower surplus amounting to RM11.2 billion (1H 2011: RM12.4 billion).
Income Account
In the current quarter, income receipts (credit) registered RM9.0 billion from RM9.6 billion in Q1 2012, of which:
- compensation of employees of RM1.0 billion (Q1 2012: RM1.0 billion); and
- investment income of RM8.0 billion (Q1 2012: RM 8.6 billion).
The investment income was derived from:
- direct investment abroad (DIA) of RM3.5 billion (Q1 2012: RM3.2 billion), mainly generated from oil & gas, financial & insurance, and information & communication sectors;
- portfolio investment of RM0.8 billion (Q1 2012: RM0.3 billion); and
- other investment of RM3.6 billion (Q1 2012: RM5.2 billion).
Meanwhile, income payments (debit) posted RM20.7 billion (Q1 2012: RM18.2 billion), of which:
- compensation of employees of RM1.6 billion (Q1 2012: RM1.8 billion); and
- investment income of RM19.0 billion (Q1 2012: RM16.5 billion).
The investment income was derived from:
- foreign direct investment (FDI) of RM15.4 billion (Q1 2012: RM13.4 billion), mainly generated from manufacturing, financial & insurance, and oil & gas sectors;
- portfolio investment of RM2.8 billion (Q1 2012: RM2.7 billion); and
- other investment of RM0.8 billion (Q1 2012: RM0.4 billion).
On net basis, the income outlay broadened to RM11.7 billion from RM8.6 billion posted in the previous quarter. This was solely due to higher net outlay in investment income amounting to RM11.1 billion (Q1 2012: -RM7.8 billion). Meanwhile, compensation of employees recorded a lower net outflows of RM0.6 billion (Q1 2012: -RM0.8 billion).
Year-on-year, the income account showed higher deficit of RM11.7 billion from RM6.7 billion posted in the corresponding period last year. This was mainly attributed to higher net outlay on investment income amounting to RM11.1 billion (Q2 2011: -RM6.1 billion).
For the first half of 2012, the deficit on income account broadened to RM20.3 billion (1H 2011: RM12.7 billion), affected by higher net payments on investment income of RM18.9 billion (1H 2011: -RM11.7 billion).
Current Transfers
In the quarter under review, the net payments on current transfers narrowed to RM4.6 billion (Q1 2012: -RM5.3 billion). Both receipts and payments increased to record RM2.3 billion (Q1 2012: RM1.5 billion) and RM6.9 billion (Q1 2012: RM6.8 billion), respectively.
Year-on-year, current transfers recorded lower net payments by RM0.7 billion (13.8 per cent) from RM5.3 billion a year ago. Half yearly, the net payments narrowed by RM0.5 billion to RM9.9 billion from RM10.4 billion recorded in the same corresponding period of 2011.
CAPITAL ACCOUNT
In Q2 2012, the capital account registered lower net outflow of RM67.0 million from RM166.0 million last quarter. This was due to lower net outflow on both capital transfers and nonproduced, nonfinancial assets by RM60.0 million and RM40.0 million, respectively.
Year-on-year, net outflow of capital account widened by RM35.0 million from RM32.0 million. Half yearly, capital account experienced higher net outflow of RM233.0 million from RM80.0 million posted in the same corresponding period last year.
FINANCIAL ACCOUNT
In the quarter ended June 2012, the financial account turned around to a net inflow of RM5.4 billion from net outflow of RM10.3 billion previously. This movement was driven by a switch in both other investment (from -RM26.1 billion to +RM5.9 billion) and direct investment (from -RM9.4 billion to +RM3.5 billion). On the contrary, portfolio investment saw a reversal to net outflow of RM5.0 billion, from net inflow of RM25.3 billion.
Year-on-year, the financial account showed a lower net inflow by RM46.1 billion to RM5.4 billion from RM51.5 billion registered a year ago. This was solely due to a reversal in portfolio investment from RM48.0 billion to -RM5.0 billion.
During January - June 2012, financial account reverted to a net outflow of RM4.8 billion from a net inflow of RM45.0 billion. This was mainly contributed by lower net inflow of portfolio investment of RM36.2 billion to record RM20.3 billion (1H 2011: RM56.5 billion).
Direct Investment
The direct investment switched to a net inflow of RM3.5 billion from a net outflow of RM9.4 billion last quarter, of which:
- DIA: recorded lower net outflow of RM2.5 billion (Q1 2012: -RM16.9 billion). These investments were largely directed into oil & gas, real estate, and financial & insurance sectors. The top three immediate investing countries were Australia, Singapore, and British Virgin Island.
- FDI: lower net inflow of RM6.1 billion, decreased by RM1.4 billion from RM7.5 billion previously. FDI inflows were primarily channelled into oil & gas, manufacturing, and financial & insurance sectors. The top three sources of FDI were Singapore, Ireland, and Bermuda.
Year-on-year, the net inflow on direct investment increased to RM3.5 billion from RM1.9 billion. This was due to lower net outflow in DIA amounting to RM2.5 billion from RM7.8 billion last year.
For the first six months of 2012, direct investment switched to an outflow of RM5.9 billion from an inflow of RM2.0 billion. This was attributed to higher net outflow of DIA by RM0.5 billion to RM19.5 billion (January – June 2011: -RM19.0 billion) and lower net inflow of FDI by RM7.5 billion to attain RM13.6 billion (January – June 2011: RM21.0 billion).
Portfolio Investment
Portfolio investment reverted to net outflow of RM5.0 billion from net inflow of RM25.3 billion previously. Meanwhile year-on-year, portfolio investment turned around to net outflow of RM5.0 billion from net inflow of RM48.0 billion in Q2 2011.
On the contrary, for the period January - June 2012, portfolio investment registered lower net inflow of RM20.3 billion from RM56.5 billion, a decrease of RM36.1 billion.
Other Investment
In Q2 2012, other investment switched to net inflow of RM5.9 billion compared to net outflow of RM26.1 billion a quarter ago. Such scenario was solely reflected in the turnaround of private sector from a net outflow of RM25.6 billion to net inflow of RM6.1 billion.
Year-on-year, other investment recorded a higher net inflow of RM5.9 billion from RM1.2 billion. This was mainly contributed by an increase in private sector of RM6.1 billion from RM1.3 billion. Half yearly, the net outflow of other investment increased by RM6.1 billion to post RM20.2 billion (1H 2011: -RM14.1 billion).
Reserve Assets
The international reserves of Bank Negara Malaysia increased by RM12.7 billion in Q2 2012 as compared to a decrease of RM7.2 billion in Q1 2012, stood at RM428.8 billion as at end of June 2012.
Download : | Table 1: Malaysia - Quarterly Balance Of Payments (Net), 2010 - 2012 |  |  |
| Table 2: Malaysia - Components Of The Current Account, 2010 - 2012 | | | |
| Table 3: Malaysia - Components Of The Capital & Financial Account And Reserve Assets, 2010 - 2012 | | |
