KUALA LUMPUR, April 21 — Apex Securities Bhd remained broadly optimistic on Malaysia’s trade outlook, maintaining its 2026 export growth forecast at 4.8 per cent on the back of a resilient economy amid external headwinds.
Exports should remain supported by sustained demand for electrical and electronics products, driven by the artificial intelligence-led tech upcycle and rising semiconductor applications across electric vehicles and other industrial sectors.
“The Semiconductor Industry Association continues to project strong global demand, with sales expected to reach US$1 trillion (RM3.95 trillion) in 2026 against US$800 billion (RM3.16 trillion) in 2025.
“Malaysia should also benefit from its position as a net energy exporter, particularly liquefied natural gas, with higher energy prices providing some support to the trade balance,” it said.
Apex Securities noted that Malaysia’s export growth held firm at 8.3 per cent year-on-year (y-o-y) in March, albeit easing from February’s 10.7 per cent and coming in below the consensus of 14.0 per cent.
Imports accelerated to 10.4 per cent, driven by stronger demand for capital goods.
“Nonetheless, the trade surplus widened to RM24.6 billion in March against RM16.7 billion in February,” it said.
For 1Q 2026, exports grew 12.7 per cent y-o-y, while imports moderated to 7.7 per cent, lifting the quarterly trade surplus to a three-year high of RM63.2 billion.
“This suggests a stronger net export contribution to 1Q 2026 gross domestic product growth,” Apex Securities said.
