马来西亚综合指数 (CKLSE) 加自选

2025年3月，马来西亚的出口同比增长6.8%，达到1373亿马来西亚令吉的三个月高点，快于3.3%的预测，高于上个月6.2%的增长。这是出境货运连续第六个月增长，也是三个月来最快的增长速度。按行业划分，制造业销售额增长8.9%，主要受机电产品（25.1%）和机械设备（12.3%）的推动。与此同时，农产品出口增长5.4%，主要受棕榈油及相关产品（3.3%）和天然橡胶（12.1%）提振。相反，受液化天然气（-11.0%）和原油（-43.6%）的拖累，矿业出货量下降了16.6%。对新加坡（9.7%）、美国（50.8%）、香港（25.9%）、泰国（5.0%）和欧盟（10.6%）的出口扩大，对中国和日本的出口分别下降1.3%和7.9%。今年第一季度，出口增长4.4%，达到3783.7亿马来西亚令吉。2024年，销售额增长5.7%，达到1.51万亿马来西亚令吉。

Exports from Malaysia grew by 6.8% year-on-year to a three-month high of MYR 137.3 billion in March 2025, faster than forecasts of 3.3%, accelerating from a 6.2% growth in the previous month. It was the sixth consecutive month of growth in outbound shipments and the fastest pace in three months. By sector, manufacturing sales increased 8.9%, driven by E&E products (25.1%) and machinery and equipment (12.3%). Meanwhile, agricultural exports rose 5.4%, mainly boosted by palm oil and related products (3.3%) and natural rubber (12.1%). Conversely, mining shipments slumped 16.6%, weighed down by LNG (-11.0%) and crude petroleum (-43.6%). Exports expanded to Singapore (9.7%), the US (50.8%), Hong Kong (25.9%), Thailand (5.0%), and the EU (10.6%), while those to China and Japan fell by 1.3% and 7.9%, respectively. For the first quarter of the year, exports climbed by 4.4% to MYR 378.37 billion. In 2024, sales rose by 5.7% to MYR 1.51 trillion.

据初步估计，马来西亚经济在2025年第一季度同比增长4.4%，较上一季度的5%有所放缓。这标志着一年来扩张速度最慢，主要原因是服务业（第四季度为5.2%对5.4%）、建筑业（14.5%对20.7%）和制造业（4.2%对4.4%）的增长放缓。与此同时，由于原油、凝析油和天然气产量减少，采矿和采石产量下降幅度更大（-4.9%对-0.9%）。与此同时，农业反弹（0.7%对-0.5%），渔业和其他子行业表现强劲。按季度计算，继第四季度增长2.7%之后，经济收缩了3.7%。

Malaysia’s economy expanded 4.4% year-on-year in Q1 2025, easing from 5% growth in the previous quarter, according to preliminary estimates. This marks the slowest pace of expansion in a year, driven by softer growth in services (5.2% vs 5.4% in Q4), construction (14.5% vs 20.7%), and manufacturing (4.2% vs 4.4%). At the same time, mining and quarrying output declined more sharply (-4.9% vs -0.9%), due to reduced production of crude oil, condensate, and natural gas. Meanwhile, agriculture rebounded (0.7% vs -0.5%), supported by stronger performance in fishing and other sub-sectors. On a quarterly basis, the economy contracted by 3.7%, following 2.7% growth in Q4.

由于出口增长而进口下降，马来西亚的贸易顺差从2024年同月的127亿马来西亚令吉增加到2025年3月的247亿马来西亚令吉特，超过了市场预期的138亿马来西亚令吉得。出口同比增长6.8%，达到1373亿马来西亚令吉的三个月高点，增速高于2月份的6.2%，超过了3.3%的预期。这主要得益于制造业（8.9%）和农业（5.4%）的销售，而采矿和采石业则暴跌（-16.6%）。与此同时，由于资本货物（-19.2%）和中间产品（-0.6%）的下降，进口意外下降2.2%，至1125.9亿马来西亚令吉，低于2.3%的增长预测。相比之下，消费品出口增长了3.6%。2025年第一季度，该国实现了410亿马来西亚令吉的盈余，出口和进口分别增长了4.4%和2.8%。

Malaysia's trade surplus increased to MYR 24.7 billion in March 2025, up from MYR 12.7 billion in the same month of 2024, surpassing market estimates for a gain of MYR 13.8 billion, as exports grew while imports fell. Exports increased by 6.8% year-on-year to a three-month high of MYR 137.3 billion, accelerating from a 6.2% rise in February and exceeding estimates of 3.3%. This was mainly supported by sales of manufacturing (8.9%) and agriculture (5.4%), while mining and quarrying plunged (-16.6%). Meanwhile, imports unexpectedly dropped by 2.2% to MYR 112.59 billion, missing forecasts of a 2.3% rise, due to falls in capital goods (-19.2%) and intermediate goods (-0.6%). By contrast, exports of consumption goods rose by 3.6%. For the first quarter of 2025, the country posted a surplus of MYR 41 billion, with exports and imports advancing by 4.4% and 2.8%, respectively.

2025年3月，马来西亚的进口额同比下降2.8%，至1125.9亿马来西亚令吉，低于市场预测的2.3%的增长，扭转了2月份5.5%的增长。这是自2023年10月以来的首次下降，因为人们担心美国税收增加的影响。中间产品采购下降0.6%，至589.6亿马来西亚令吉，资本货物采购下降19.2%，至1307亿马来西亚令吉。相比之下，消费品的到货量增长了3.6%，达到97.3亿马来西亚令吉。从行业来看，制造业进口下降2.8%，其中石油产品下降46.9%。由于原油（-28.5%）和液化天然气（-55.2%），矿业进口下降了29.0%。相比之下，在棕榈油产品（164.9%）和天然橡胶（15.5%）的推动下，农业采购激增34.9%。美国（-1.6%）、台湾（-13.1%）、欧盟（-1.3%）、日本（-8.3%）和东盟国家（-4.4%）的入境人数有所下降，但中国（10.1%）、韩国（24.7%）和越南（16.9%）的入境率有所上升。今年前三个月，进口额增长2.8%，达到3373.7亿令吉。

Imports to Malaysia dropped 2.8% yoy to MYR 112.59 billion in March 2025, missing market forecasts of a 2.3% growth and reversing a 5.5% rise in February. It was the first decrease since October 2023, amid worries over the impact of rising US levies. Purchases of intermediate goods fell 0.6%)to MYR 58.96 billion, along with capital goods (-19.2%) to MYR 13.07 billion. In contrast, arrivals of consumption goods rose 3.6% to MYR 9.73 billion. Sector-wise, manufacturing imports shrank 2.8%, weighed by petroleum products (-46.9%). Mining imports tumbled 29.0%, due to crude petroleum (-28.5%) and LNG (-55.2%). In contrast, agriculture purchases surged 34.9%, buoyed by palm oil products (164.9%) and natural rubber (15.5%). Arrivals declined from the US (-1.6%), Taiwan (-13.1%), the EU (-1.3%), Japan (-8.3%), and the ASEAN countries (-4.4%), but grew from China (10.1%), South Korea (24.7%), and Vietnam (16.9%). In the first three months of the year, imports rose 2.8% to MYR 337.37 billion.