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QUARTERLY BALANCE OF PAYMENTS PERFORMANCE OCTOBER - DECEMBER 2012 (Updated: 20/02/2013)
CURRENT ACCOUNT
The current account balance recorded a higher surplus of RM22.8 billion for the period of October - December 2012, as compared to RM9.5 billion in the preceding quarter. This higher surplus was reflected in:
- goods account: higher surplus RM34.5 billion (Q3 2012: RM25.5 billion);
- services account: lower net payments of RM2.7 billion (Q3 2012: -RM3.4 billion);
- income account: lower net payments of RM5.5 billion (Q3 2012: -RM7.9 billion); and
- current transfers: the net payments declined to RM3.5 billion (Q3 2012: -RM4.7 billion).
Year-on-year, the surplus on current account balance increased slightly by RM0.4 billion to register RM22.8 billion from RM22.4 billion in Q4 2011. Such scenario was due to lower net payments on both services and current transfers by RM1.1 billion and RM1.8 billion, respectively. Meanwhile, goods account recorded lower surplus by RM2.3 billion from RM36.8 billion in Q4 2011.
During January - December 2012, the current account balance recorded RM60.0 billion, reduced by RM37.1 billion from RM97.1 billion posted in 2011. This was attributed to:
- goods account: lower surplus of RM125.2 billion (2011: RM148.1 billion);
- services account: higher deficit of RM13.4 billion (2011: -RM8.0 billion); and
- income account: higher net payments of RM33.7 billion (2011: -RM22.0 billion).
Goods Account
In the quarter under review, the goods account registered a higher surplus of RM34.5 billion as compared to RM25.5 billion in the previous quarter. This was due to increase in exports f.o.b. by 1.4 per cent relative to decrease in imports f.o.b. by 4.4 per cent.
- Exports f.o.b. increased to RM176.9 billion compared to RM174.4 billion in Q3 2012. This was mainly contributed by higher exports for crude petroleum and palm oil & palm oil based products. The top three exports destinations were Singapore, The People's Republic of China, and Japan.
- Imports f.o.b. decreased to RM142.4 billion (Q3 2012: RM148.9 billion). This was mainly due to lower imports of intermediate goods. The top three imports sources were The People's Republic of China, Singapore, and Japan.
Year-on-year, the surplus on goods decreased by RM2.3 billion to RM34.5 billion from RM36.8 billion recorded in the same quarter last year. This was due to a larger decrease in exports f.o.b. by 2.4 per cent to RM176.9 billion (Q4 2011: RM181.2 billion) as compared to imports f.o.b. by 1.4 per cent to RM142.4 billion (Q4 2011: RM144.4 billion).
For the year 2012, exports f.o.b. rose by RM6.3 billion or 0.9 per cent to RM702.9 billion while imports f.o.b. rose by 5.3 per cent or RM29.2 billion to RM577.7 billion. This resulted in a lower surplus on goods account of RM125.2 billion from RM148.1 billion in 2011.
Services Account
In Q4 2012, exports of services registered RM31.4 billion, an increase of RM2.5 billion from RM28.9 billion recorded last quarter. This constitute of:
- transportation: RM3.3 billion (Q3 2012: RM3.4 billion);
- travel: RM16.9 billion (Q3 2012: RM14.8 billion); and
- other services: RM11.1 billion (Q3 2012: RM10.7 billion), mainly contributed by other business services RM6.4 billion, computer and information services RM1.7 billion, and construction services RM1.0 billion.
- transportation: RM10.3 billion (Q3 2012: RM10.2 billion);
- travel: RM10.0 billion (Q3 2012: RM9.1 billion); and
- other services: RM13.6 billion (Q3 2012: RM12.8 billion), mainly contributed by other business services of RM6.6 billion, construction services of RM1.9 billion, computer & information services of RM1.3 billion, and royalties & license fees of RM1.2 billion.
On net basis, the services account recorded lower deficit by RM0.7 billion to record RM2.7 billion from RM3.4 billion last quarter. This was mainly due to higher net receipts on travel by RM1.3 billion.
Year-on-year, exports on services increased by 8.3 per cent to RM31.4 billion from RM29.0 billion in Q4 2011, whilst imports on services recorded higher payments by 4.0 per cent to RM34.1 billion from RM32.8 billion a year ago. This resulted in a lower deficit of RM1.1 billion to -RM2.7 billion from -RM3.8 billion in the same period last year. This was mainly due to lower net payments of other business services by RM1.1 billion.
In 2012, both exports and imports of services widened by 6.4 per cent and 10.5 per cent to post RM117.1 billion (2011: RM110.1 billion) and RM130.5 billion (2011: RM118.1 billion), respectively. On net basis, services account saw higher net payments of RM13.4 billion from RM8.0 billion. This was attributed to lower net receipts on travel by RM3.2 billion and higher net payments on both transportation by RM2.1 billion and construction services by RM1.5 billion.
Income Account
During October - December 2012, the income receipts recorded RM12.2 billion increased by RM0.8 billion from RM11.4 billion in Q3 2012. Compensation of employees remained RM1.0 billion and investment income attained RM11.2 billion (Q3 2012: RM10.4 billion). The investment income comprises of:
- direct investment abroad (DIA): higher receipts of RM5.7 billion (Q3 2012: RM3.8 billion), mainly generated from oil & gas, financial & insurance, and entertainment & recreation sectors;
- portfolio investment: lower receipts of RM1.2 billion (Q3 2012: RM1.3 billion); and
- other investment: lower receipts of RM4.3 billion (Q3 2012: RM5.4 billion).
However, income payments (debit) recorded RM17.7 billion, decreased by RM1.6 billion from RM19.4 billion in Q3 2012. Of the total payments, compensation of employees recorded RM1.9 billion (Q3 2012: RM1.8 billion) while investment income posted RM15.8 billion (Q3 2012: RM17.6 billion). The investment income was derived from:
- foreign direct investment (FDI): lower payments of RM12.1 billion (Q3 2012: RM14.6 billion), mainly generated from manufacturing, oil & gas, and wholesale & retail trade sectors;
- portfolio investment: higher payments of RM2.9 billion (Q3 2012: RM2.5 billion); and
- other investment: higher payments of RM0.7 billion (Q3 2012: RM0.4 billion).
On net basis, the income account deficit reduced to RM5.5 billion from RM7.9 billion previously. This was primarily due to a lower net payments in investment income amounting to RM4.6 billion (Q3 2012: -RM7.2 billion), while compensation of employees recorded higher net payments of RM0.9 billion (Q3 2012: -RM0.7 billion).
Year-on-year, income receipts (credit) down by RM2.8 billion to RM12.2 billion from RM15.1 billion in the same period last year. Meanwhile income payments (debit) decreased by RM2.7 billion to RM17.7 billion from RM20.4 billion previously. This led to higher net payments by RM0.1 billion to RM5.5 billion from RM5.3 billion in Q4 2011.
Cumulatively, for the period January - December 2012, income receipts (credit) lower by RM10.2 billion to RM42.3 billion (2011: RM52.4 billion) whereas income payments (debit) increased by RM1.6 billion to RM76.0 billion (2011: RM74.4 billion). This resulted to higher net payments by RM11.7 billion to RM33.7 billion (2011: -RM22.0 billion).
Current Transfers
In the fourth quarter 2012, receipts on current transfers amounted to RM1.7 billion (Q3 2012: RM1.4 billion) while payments recorded RM5.2 billion (Q3 2012: RM6.1 billion). On net basis, this account recorded lower net payments of RM3.5 billion (Q3 2012: -RM4.7 billion).
Year-on-year, net payments narrowed by RM1.8 billion from RM5.4 billion a year ago. Current transfers receipts recorded RM1.7 billion (Q4 2011: RM1.4 billion), while payments posted RM5.2 billion (Q4 2011: RM6.7 billion). In 2012, the net payments on current transfers decreased by 13.3 per cent to RM18.2 billion from RM21.0 billion recorded in 2011.
CAPITAL ACCOUNT
In Q4 2012, capital account posted net inflow of RM339.0 million, a reversal from net outflow of RM42.0 million last quarter. This was due to turnaround in nonproduced nonfinancial assets to net inflow of RM377.0 million from net outflow of RM18.0 million in Q3 2012.
Year-on-year, the capital account turnaround to net inflow of RM339.0 million from net outflow of RM55.0 million in Q4 2011. Meanwhile, during January - December 2012, the capital account reverted to a net inflow of RM64.0 million from net outflow of RM193.0 million posted in the same period of last year.
FINANCIAL ACCOUNT
In the current quarter, the financial account recorded higher net outflow of RM9.0 billion from RM8.7 billion reported previously. This was due to a swing in direct investment from net inflow of RM1.9 billion to net outflow of RM17.9 billion and lower net inflow of portfolio investment RM11.3 billion (Q3 2012: RM27.6 billion). These two factors managed to offset lower net outflow of other investment by RM35.7 billion to RM2.4 billion (Q3 2012: -RM38.1 billion).
Year-on-year, the financial account registered a higher net outflow by RM8.8 billion from RM0.2 billion posted in the corresponding period of last year. This was mainly due to reversal in other investment from RM11.0 billion to -RM2.4 billion and higher net outflow of direct investment from RM8.2 billion to RM17.9 billion.
Annually, financial account switched to a net outflow of RM22.5 billion from a net inflow of RM22.3 billion. The main contributor to the reversal was other investment which recorded net outflow of RM60.7 billion from net inflow of RM6.6 billion in 2011.
Direct Investment
Direct investment switched to net outflow of RM17.9 billion from net inflow of RM1.9 billion during previous quarter, of which:
- DIA: a higher net outflow of RM23.8 billion from RM7.7 billion previously. The investments were largely reflected by oil & gas sector. The top immediate investing countries were Canada and Australia.
- FDI: a lower net inflow of RM5.9 billion from RM9.6 billion in Q3 2012. The investments were mainly channelled into manufacturing, oil & gas, and financial & insurance sectors. The top three sources of FDI were Japan, Singapore, and Netherlands.
Year-on-year, direct investment showed a higher net outflow of RM17.9 billion from RM8.2 billion in Q4 2011. This was mainly attributed to higher net outflow in DIA RM23.8 billion from RM14.7 billion last year.
In 2012, direct investment experienced higher net outflow by RM11.8 billion to register RM21.9 billion (2011: -RM10.1 billion). This was due to lower inflow of FDI by RM7.6 billion to record RM29.1 billion and higher outflow of DIA by RM4.3 billion to record RM51.0 billion.
Portfolio Investment
Portfolio investment recorded lower net inflow of RM11.3 billion from RM27.6 billion attained last quarter. Year-on-year, portfolio investment switched to net inflow from net outflow of RM2.7 billion in Q4 2011. Meanwhile, for the period January - December 2012, portfolio investment recorded higher net inflow of RM59.2 billion from RM25.8 billion posted in the same period last year.
Other Investment
In Q4 2012, other investment registered lower net outflow of RM2.4 billion from RM38.1 billion attained in the previous quarter. This was mainly due to lower net outflow in private sector investments of RM1.7 billion (Q3 2012: -RM38.0 billion).
Year-on-year, other investment turned around to net outflow of RM2.4 billion from net inflow RM11.0 billion attained in the same period of 2011. This was mainly due to a reversal of private sector investment to net outflow of RM1.7 billion from net inflow of RM11.1 billion in Q4 2011. Meanwhile, for the period of January to December 2012, other investment reverted to net outflow of RM60.7 billion from net inflow of RM6.6 billion in 2011.
Reserve Assets
The international reserves of Bank Negara Malaysia increased RM5.9 billion in Q4 2012 as compared to a decrease of RM7.5 billion in Q3 2012, stood at RM427.2 billion as at end of December 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 Accounts And Reserve Assets, 2010 - 2012 | | |
