Reduced surplus in 1st quarter balance of payment

MALAYSIA has recorded a 47.8% decrease in the surplus of its overall balance of payments (BOP) to RM1.2bil for the 1st quarter this year compared with RM2.3bil in the 4th quarter of 2002. 

The current account surplus rose 47.5% to RM11.8bil from RM8bil previously, the Statistics Department said in a statement. 

The financial account recorded a higher net outflow of RM8.2bil, up 60.8% from a net outflow of RM5.1bil in the preceding quarter with errors and omissions registering RM2.4bil. 

The net increase of international reserves held by Bank Negara stood at RM1.2bil in Q1, lower than the increase of RM2.3bil recorded in the earlier quarter. The goods account registered a 13.5% higher surplus to RM21.8bil, from RM19.2bil but this was offset by a wider deficit in the services account of RM2.9bil from a deficit of RM2.1bil previously. 

The income account recorded a lower deficit of RM5bil from a deficit of RM6.6bil in the preceding quarter due to lower net outlay for investment income of RM4.8bi. The current transfer recorded a lower net outlay of RM2bil from RM2.4bil in Q4 of 2002. 

Goods exports free-on-board dropped 3.4% to RM88.4bil from RM91.5bil in the previous quarter while goods imports f.o.b. dropped by 7.9% to RM66.6bil from RM72.3bil. The deficit in the services account was attributed to a lower surplus in the travel component which recorded RM3.2bil against RM4.1bil in the previous quarter. – Bernama 

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